|By Business Wire||
|June 24, 2014 09:31 AM EDT||
Strevus Inc., a provider of compliance lifecycle management solutions for financial service institutions, today announced that Atlas ATS, the New-York-based cryptocurrency exchange, is the first trading exchange to deploy the Strevus compliance solution to its exchange members offering them enhanced due diligence for high value transactions. The Strevus hosted solution will help Atlas’s institutional customers achieve Know Your Customer (KYC) and Anti-Money Laundering (AML) regulatory compliance and better communicate with counterparties.
“The single biggest barrier to the institutional adoption of cryptocurrency is the conflict between the pseudonymous nature of the transacting counterparties and the regulatory requirements,” said Shawn Sloves, CEO Atlas ATS. “Using Strevus’s solution, our members will be able to easily manage the onboarding process, collect information for KYC and AML reporting, and monitor and analyze the data required to ensure ongoing compliance. In the future, we plan to leverage Strevus’s compliance technology for multiple private markets.”
In January 2014, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) ruled that all U.S.-based virtual currency users and their counterparties fall under the Bank Secrecy Act's definition of a money services business. Consequently, Bitcoin and other cryptocurrency exchanges must comply with registration, reporting and recordkeeping requirements. In response, Strevus recently extended its existing institutional-level compliance lifecycle management technology to support Bitcoin and other cryptocurrencies. In addition to providing enterprise-quality regulatory coverage, scalability and security for KYC and AML, the solution provides a convenient mechanism to share compliance information and notify the relevant counterparties about any important change in their compliance status.
The penalties for compliance violations are stiff. In January, the CEO of a now defunct Bitcoin exchange was arrested and charged with violating the Bank Secrecy Act. Allegedly, the CEO sold Bitcoin currency to an underground website that allowed people to anonymously buy and sell illegal drugs. In addition to money laundering, he was also charged with failing to file any suspicious activity report regarding illegal transactions, which the Department of Justice said is in violation of the Bank Secrecy Act.
In the wake of this debacle, Ken Hoang, CEO and founder of Strevus, commented, “It’s clear that cryptocurrency exchanges and their members are under pressure to meet the enhanced due diligence requirements needed to maintain compliance. Strevus, recognizing this need, is providing a solution for the initial onboarding and KYC checks as well as ongoing due diligence. Our solution follows industry best practices and cuts the time to onboard new customers while dramatically reducing costs.”
About Atlas ATS
Atlas is dedicated to providing a secure, state-of-the-art trading platform for digital currency. Atlas is driven to be an industry leader in operating a digital currency marketplace and providing innovative products and services for the benefit of the global trading community. The company believes that competition from technology-driven markets increases overall volumes and improves performance, providing benefits to all participants. Atlas ATS is part of the Perseus secure, low-latency network. For more information on Atlas, visit http://www.atlasats.com.
Founded in 2012, Strevus, Inc. provides a patent-pending, regulatory compliance lifecycle management solution that enables financial institutions to gather, track and report information between counterparties, clients and regulatory agencies. Strevus helps institutions gather critical information to adhere to global financial regulations and remain compliant while growing their business by enhancing both client and business relationships. For further information, visit http://www.strevus.com/ or call 1-415-704-8182.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
Mar. 1, 2015 12:00 AM EST Reads: 2,922
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
Feb. 28, 2015 05:00 PM EST Reads: 1,344
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Feb. 28, 2015 05:00 PM EST Reads: 1,151
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Feb. 28, 2015 04:00 PM EST Reads: 1,374
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
Feb. 28, 2015 04:00 PM EST Reads: 1,089
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
Feb. 28, 2015 03:45 PM EST Reads: 2,202
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
Feb. 28, 2015 03:30 PM EST Reads: 3,979
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Feb. 28, 2015 03:15 PM EST Reads: 1,242
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
Feb. 28, 2015 03:00 PM EST Reads: 2,161
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
Feb. 28, 2015 02:00 PM EST Reads: 1,211
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Feb. 28, 2015 01:45 PM EST Reads: 1,142
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Feb. 28, 2015 01:15 PM EST Reads: 1,025
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
Feb. 28, 2015 01:15 PM EST Reads: 2,391
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Feb. 28, 2015 01:00 PM EST Reads: 1,492
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
Feb. 28, 2015 01:00 PM EST Reads: 1,262