New GBA Financial Regulatory and Compliance Working Group

The Government Blockchain Association would like to announce the formation of the Financial Regulatory and Compliance Working Group. This working group focuses on the current day and emerging regulatory demands and impacts to compliance programs with Blockchain technology and the financial and payments sectors. This working group encourages Blockchain companies, government regulators, law enforcement, and professionals in the financial regulatory and financial crimes space to join and contribute.

A key focus of this working group beyond the impacts of Blockchain to financial regulatory and financial crimes impacts is the synthesis of key issues in those spaces from licensing requirements, anti-money laundering laws, sanctions, fraud, anti-bribery and corruption, and data privacy and cyber security as they relate to financial crimes (among others). These issues do not exist in isolation and must be seen in an integrated fashion. These issues transcend jurisdictional boundaries, and so this working group will take a global view of these issues as well as participation by members.

Our first steps include a benchmark study of current requirements globally in major markets and key gaps identified. These gaps will go to influence further projects and working with other working groups such as the Legislative and Legal Working Group to promote awareness with legislatures, the Identity Management working group on current impacts and needs to the identity space, the Cyber Security Working group on the crossroads of traditional cybersecurity issues and financial crimes, the Economic & Financial Management Working Group on the impacts to Blockchain technology’s use in financial systems and the impact to financial crimes, and the Education and Training Working Group to develop customized education and training for financial regulatory and financial crimes specific needs (among other working groups).

Primary focus areas:

  • Anti-Money Laundering and Sanctions/Watch Lists
  • Money Transmission Licensing
  • Security registration (e.g.,ICOs)
  • Consumer protection
  • Data privacy and cyber security as it relates to financial crimes
  • Anti-Bribery and Corruption
  • Taxes

For more information about this group and other GBA Working Groups:  HERE

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