Bitcoin Emergence Prompts FinCEN to Issue Guidance on Virtual Currencies

As Bitcoin gains recognition as a legitimate currency in the world of digital transactions, FinCEN (Financial Crimes Enforcement Network) has issued guidance on the regulations that apply to administrators and exchangers of virtual currencies that will test AML and KYC programs.

Swings in the market value of Bitcoins – tied to limited circulation […]

An Entity Reference Data Glossary

crossword-referenceA confluence of events is putting enormous pressure on financial institutions to get their reference data house in order. These events range from regulatory changes to internal mandates to reduce operational risk. While the LEI (Legal Entity Identifier) will ultimately […]

By |October 1st, 2013|Posts, Reference Data|

Upcoming Changes to KYC Beneficial Ownership Regulatory Requirements – A Primer


Perhaps the most difficult task a financial institution must undertake when onboarding a new customer or counterparty is collecting beneficial ownership information. The regulations vary by jurisdiction, are in some cases unclear, and the client or counterparty is often unwilling to provide the requisite information with […]

By |September 27th, 2013|AML and Compliance, Know Your Customer, Posts|

Alacra Welcomes Our First CAMS Certified Project Manager

This summer our project management team gained a new credential: CAMS certification! As we work with more and more KYC  teams, we wanted to demonstrate our commitment to the compliance world as well as deepen our ability to deliver for our clients.

AnneW2Longtime Alacra project manager, Anne […]

By |September 22nd, 2013|AML and Compliance, Posts|

Alacra’s Periodic Table of Business Research Databases

Business Research Database Periodic TableAlacra was founded on the concept of reducing the time to answer for researchers by bringing together high quality, disparate databases into one simultaneously searchable workflow. Since our humble start in 1996 we have successfully applied this time saving method to

By |September 19th, 2013|Content Partners, Posts|

New Focus on Due Diligence Challenges with Extension of FATCA Deadlines

Addressing the challenges of workflow protocols for onboarding new account data and managing existing account data is receiving a new focus by financial institutions sparked by the IRS recently granting a six-month extension for key FATCA compliance deadlines.

Determining FATCA Classification

By |September 10th, 2013|FATCA, Know Your Customer, Posts|

Periodic Table of Entity and Security Identifiers Updated

Today we updated the Periodic Table of Entity and Security Identifiers to help our friends in compliance and in the reference data worlds keep track of the many identifiers around the world. It’s been an entire year since our first pass at organizing this detail, so there are several changes. With the advent of […]

By |August 19th, 2013|FATCA, Information Industry, Legal Entity Identifiers, Posts, Reference Data|

Update to the Periodic Table of Bank Regulation and Compliance!

It has been over a year since we launched the Periodic Table of Bank Regulations and Compliance, our attempt to catalog and summarize the key AML/KYC rules from around the world. Financial regulations continue to morph and increase in the US, UK, and EU as well as parts of Asia. Our Compliance Team compiled […]

By |August 15th, 2013|AML and Compliance, Posts|

Top 10 FATCA Explanations You Need to Read

W8-BEN FormFATCA panic mode seems to be dialing up slightly with the imminent release of the GIIN system. The panic briefly let up when, on July 12, 2013 the IRS released a revision to the deadlines for FATCA compliance. Here are the top sites, […]

By |August 13th, 2013|FATCA, Posts|

When Reference Data Fails to Meet the Compliance Test

RBS Fine Highlights Critical Role of Reference Data in Compliance

Last week the UK’s Financial Conduct Authority (FCA) fined RBS £5.6MM for “pervasive reporting failures” or, in other words, for having inaccurate reference data.

The FCA Handbook Online states:

“For agency transactions a customer/client identifier is required to identify the client on […]

By |July 31st, 2013|Compliance, Posts, Reference Data|