scholarly journals Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers

2020 ◽  
pp. 2050001 ◽  
Author(s):  
Thomas Hardjono ◽  
Alexander Lipton ◽  
Alex Pentland
Keyword(s):  
Key Management ◽  
Service Providers ◽  
Task Force ◽  
Public Key ◽  
Trust Network ◽  
Management Framework ◽  
Individual Privacy ◽  
Financial Action Task ◽  
The Individual ◽  
Core Part

The recent Financial Action Task Force (FATF) Recommendations define virtual assets and virtual asset service providers (VASPs), and require under the Travel Rule that originating VASPs obtain and hold the required and accurate originator information and the required beneficiary information on virtual asset transfers. In this paper, we discuss the notion of key ownership evidence as a core part of originator and beneficiary information required by the FATF Recommendations. We discuss the approaches to securely communicate the originator and beneficiary information between VASPs, and review the existing standards for public-key certificates as applied to VASPs and virtual asset transfers. We propose the notion of a trust network of VASPs in which originator and beneficiary information, including key ownership information, can be exchanged securely off-chain while observing the individual privacy requirements.

Public Key Management Framework for Two-tier Super Peer Architecture

2007 ◽  
Author(s):  
Hyeokchan Kwon ◽  
Sangchoon Kim ◽  
Jaehoon Nah ◽  
Jongsoo Jang
Keyword(s):  
Key Management ◽  
Public Key ◽  
Management Framework ◽  
Super Peer

scholarly journals Proposal for Customer Identification Service Model Based on Distributed Ledger Technology to Transfer Virtual Assets

2021 ◽  
Vol 5 (3) ◽  
pp. 31
Author(s):  
Keundug Park ◽  
Heung-Youl Youm
Keyword(s):  
Money Laundering ◽  
Service Providers ◽  
Task Force ◽  
Service Model ◽  
Cross Border ◽  
Model Based ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Customer Identification ◽  
Financial Action Task

Recently, cross-border transfers using blockchain-based virtual assets (cryptocurrency) have been increasing. However, due to the anonymity of blockchain, there is a problem related to money laundering because the virtual asset service providers cannot identify the originators and the beneficiaries. In addition, the international anti-money-laundering organization (the Financial Action Task Force, FATF) has placed anti-money-laundering obligations on virtual asset service providers through anti-money-laundering guidance for virtual assets issued in June 2019. This paper proposes a customer identification service model based on distributed ledger technology (DLT) that enables virtual asset service providers to verify the identity of the originators and beneficiaries.

scholarly journals Austria

2020 ◽  
Vol 20 (65) ◽  
Author(s):  
Keyword(s):  
Banking Sector ◽  
Service Providers ◽  
Task Force ◽  
Technical Note ◽  
Evaluation Report ◽  
Assessment Program ◽  
Cross Border ◽  
Financial Action Task ◽  
Mutual Evaluation ◽  
Made In

This Technical Note (TN) sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program (FSAP) for Austria in the areas of AML/CFT. It provides a targeted review of Austria’s progress in addressing the ML/TF vulnerabilities in the banking sector, including AML/CFT supervision and cross-border activities, progress in enhancing the transparency of legal persons and arrangements, and risks related to virtual assets (VAs) and virtual assets service providers (VASPs). This review is not an assessment or evaluation of the country’s AML/CFT regime. In this regard, Austria’s AML/CFT system was assessed by the Financial Action Task Force (FATF) against the current FATF standard and the Mutual Evaluation Report (MER) was adopted in September 2016. The authorities are focused on improving the effectiveness of the legal, regulatory, and supervisory framework in mitigating ML/TF risks.

Anti-money laundering and combating the financing of terrorism compliance

2019 ◽  
Vol 22 (3) ◽  
pp. 451-471 ◽  
Author(s):  
Emmanuel Senanu Mekpor
Keyword(s):  
Money Laundering ◽  
High Frequency ◽  
Task Force ◽  
Developed Countries ◽  
Individual Country ◽  
Content Type ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
The Individual ◽  
Mutual Evaluation

Purpose The purpose of this paper is to investigate how well countries comply with global anti-money laundering and counter-financing of terrorism (AML/CFT) regulations. Design/methodology/approach With the help of an AML/CFT compliance index composed by the author, this study is able to numerically quantify countries’ AML/CFT compliance levels. Countries were selected based on their membership with the Financial Action Task Force (FATF), precisely members who have gone through at least one round mutual evaluation and have duly submitted a report to the task force. The AML/CFT index was composed by assigning numeric values to the individual country ratings across all 49 FATF recommendations contained in their mutual evaluation reports (MER). Findings Some notable findings include the yearly global level of AML/CFT compliance between the period 2004 and 2016, as well as compliance levels across continents for the same period. Compliance levels for the seven components of the FATF recommendations were also reported to help assess which set of recommendations countries comply with the most and why they do. It was also found that countries’ lack of compliance was as a result of high cost of compliance with FATF recommendations. Research limitations/implications The main limitation of this study was a lack of high-frequency AML data of countries, especially less-developed countries. Originality/value The uniqueness of this paper lies in the fact that the AML/CFT compliance index constructed and used in the study is the first of its kind.

scholarly journals France

2019 ◽  
Vol 19 (326) ◽  
Author(s):  
Keyword(s):  
Real Estate ◽  
Service Providers ◽  
Task Force ◽  
Technical Note ◽  
Terrorist Financing ◽  
Assessment Program ◽  
Cross Border ◽  
Financial Action Task ◽  
Financing Of Terrorism ◽  
Made In

This technical note (TN) sets out the findings and recommendations made in the Financial Sector Assessment Program (FSAP) for France in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). The TN summarizes the findings of a targeted review of France’s AML/CFT framework with respect to measures to prevent and combat terrorist financing (TF), risk-based supervision of banks, real estate agents, company service providers and lawyers, measures to tackle cross-border crimes, and fintech. It provides a factual update on the key measures taken by the authorities since France’s previous assessment against the Financial Action Task Force (FATF) standard during 2010-2011. The TN is not, in any way, an evaluation or assessment of France’s AML/CFT system. France is scheduled to undergo a comprehensive assessment against the prevailing standard during 2020–2021 by the FATF.

Strengthening AML/CFT controls of digital payment token service providers in Singapore

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tju Liang Chua
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Service Providers ◽  
Task Force ◽  
Content Type ◽  
Key Points ◽  
Recent Developments ◽  
Terrorism Financing ◽  
Financial Action Task ◽  
Practical Guidance

Purpose To raise awareness of money laundering and terrorism financing (ML/TF) controls and regulations in Singapore for digital payment token (DPT) service providers. Design/methodology/approach This article summarizes the key points in the guidance infographic published by the Monetary Authority of Singapore on strengthening the AML/CFT controls of DPT service providers (Infographic). In line with the Infographic, these points pertain to: (1) recent developments in the Financial Action Task Force (FATF) Standards; (2) ML/TF risks in the DPT sector; and (3) an overview of MAS’ measures to address such risks, which include (i) licensing and supervision; (ii) AML/CFT notice and guidelines; and (iii) surveillance. Findings To combat illicit activities in Singapore’s DPT sector, the MAS has introduced AML/CFT measures that are aligned with the FATF Standards. DPT service providers should be cognizant of these regulations in developing their own internal measures. Originality/value Practical guidance from experienced lawyers in the Technology Transactions and Financial Services Regulatory & Enforcement practices.

Performance and Scalability Assessment for Non-Certificate-Based Public Key Management in VANETs

2012 ◽  
Vol 6 (1) ◽  
pp. 33-56 ◽  
Author(s):  
Pei-Yuan Shen ◽  
Maolin Tang ◽  
Vicky Liu ◽  
William Caelli
Keyword(s):  
Key Management ◽  
Vehicular Ad Hoc Networks ◽  
Ad Hoc ◽  
Comprehensive Evaluation ◽  
Public Key ◽  
Secure Messaging ◽  
Evaluation Of Performance ◽  
Management Regime ◽  
Verification Process ◽  
Hoc Networks

Current research in secure messaging for Vehicular Ad hoc Networks (VANETs) focuses on employing a digital certificate-based Public Key Cryptosystem (PKC) to support security. However, the security overhead of such a scheme creates a transmission delay and introduces a time-consuming verification process to VANET communications. This paper proposes a non-certificate-based public key management for VANETs. A comprehensive evaluation of performance and scalability of the proposed public key management regime is presented, which is compared with a certificate-based PKC by employing a number of quantified analyses and simulations. In this paper, the authors demonstrate that the proposal can maintain security and assert that it can improve overall performance and scalability at a lower cost, compared with certificate-based PKC. The proposed scheme adds a new dimension to key management and verification services for VANETs.

scholarly journals Informal Land Rights and Infrastructure Retrofit: A Typology of Land Rights in Informal Settlements

Land ◽  
2021 ◽  
Vol 10 (3) ◽  
pp. 273
Author(s):  
Mahsa Mesgar ◽  
Diego Ramirez-Lovering
Keyword(s):  
Green Infrastructure ◽  
Service Providers ◽  
Informal Settlements ◽  
Land Rights ◽  
Spatial Dimension ◽  
Careful Consideration ◽  
Public Infrastructure ◽  
The Individual ◽  
The Right ◽  
Control And Management

Informal settlements represent a challenging operational context for local government service providers due to precarious contextual conditions. Location choice and land procurement for public infrastructure raise the complicated question: who has the right to occupy, control, and use a piece of land in informal settlements? There is currently a dearth of intelligence on how to identify well-located land for public infrastructure, spatially and with careful consideration for safeguarding the claimed rights and preventing conflicts. Drawing on a case study of green infrastructure retrofit in seven informal settlements in Makassar, Indonesia, we classify the informal settlers’ land rights into four types: ownership, use, control, and management. This exploratory study uses a typological approach to investigate the spatial dimension of land rights in informal settlements. We introduce non-registrable land interests and the partial, dynamic, and informal land use rights that impact the land procurement for infrastructure retrofit. We also create a simple spatial matrix describing the control/power, responsibilities and land interests of different stakeholders involved in the location decision making for public infrastructure. We argue that without sufficient understanding of non-formal land rights, land procurement proposals for the public infrastructure upgrades can be frustrated by the individual or group claims on the land, making the service provision impossible in informal settlements.

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