How KYC and Blockchain Fight Friendly Fraud
Most of the businesses have suffered great losses since the beginning of the recent COVID-19 pandemic. However, small and medium businesses have had the toughest time. Many were able to adapt. Restaurants started delivering food to your doorstep, some brick and mortar stores also used the opportunity to enter the eCommerce sector. However, whether the […]
What Is A KYC/AML Process And Why It Is Important?
The security of financial assets is the top priority of every organization. In the retail or insurance sectors, the security is provided by the terms of the agreement, however, in financial technology (FinTech) the software itself should include the tools and processes that mitigate the risk of financial fraud. In this article we cover the […]
Proof of Address: Why, When & How?
According to the United Nations Office on Drugs and Crime the amount of money laundered each year is 2% to 5% of global GDP. In order to combat money laundering and terrorist financing, the Know Your Customer (KYC) procedure was introduced, which is a part of a broader Customer Due Diligence (CDD) process. Every bank […]
A Step-by-step Guide to a Rigorous AML Compliance Program in 2020
Financial institutions have to comply with the Anti Money Laundering (AML) and Counter-terrorism Financing (CTF) in order to prevent money laundering, tax evasion, and terrorist financing. To do so, businesses should set up an AML compliance program, which consists of several steps that we will discuss today. What is money laundering and AML? Money laundering […]
5 Things Everyone Should Know About FinTech Regulations in Southeast Asia
Southeast Asia consists of 11 countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor Leste and Vietnam. Despite having so many countries, only some of the regional regulations differ. These states usually take best practices from each other and often have similar legislation especially regarding the safety of financial services. 1. Indonesia is […]
Age Verification: The importance of restricting adult-oriented content, now and in the future
“You must be 18 to enter this site. Check this box to confirm you’re 18 or over.” We all know no one takes the pop-up warnings seriously – especially those who are supposed to. Online sellers are often under the impression that basic checks are enough to protect minors from age-sensitive products. But, for most […]
How Has COVID-19 Influenced Retail Banking?
COVID-19 pandemic has influenced not only healthcare but also all of the other industries. In the time of the economic recession, when millions of people are losing their jobs and small and medium businesses keep shutting down, it is crucial that the financial sector continues its work. According to Reuters, global financial regulators are talking […]
You Absolutely Have To Know These 6 Facts About 5AMLD
5AMLD came into force on January 10, 2020 but do you know what your company needs to do about it? What are the biggest changes and how can you stay compliant? European Union always strives to combat Money Laundering and Terrorist Financing. One of the measures for doing so is a set of regulatory requirements […]
The impact of Coronovirus on Financial Institutions
Coronavirus has hit the restart button for global economies. From news of its first incidence in December 2019 to March 2020, the economic path wrought by Coronavirus has been a dramatic journey. As the Coronavirus spread exponentially from Asia to Europe, it brought about a change in events that nobody could have ever foreseen. With […]
COVID-19 Pandemic – Big Time for Digital Onboarding
Although the new type of coronavirus COVID-19, which has started spreading in late 2019 from the Wuhan region in China, has had a devastating impact on the world’s economy, not all sectors have suffered equally. As more and more countries are advising people to stay home and avoid public places, eCommerce, remote work, e-education, online […]