Everything Payment Service Providers (PSPs) Need to Know About Fraud Prevention
The online payments sector is one of the fastest-growing industries as more and more people start shopping online and use online payments. Payment Processing Solutions’ market size is expected to reach $62.3 billion by 2024. The biggest change drivers are Gen Z-ers. They are the first generation, which was growing up with a computer. Hence, […]
All You Need to Know About Video Verification
This article covers everything you need to know about video verification. It talks about compliance, KYC, use cases, and security. During the quarantine, there was a spike in demand for digital identity verification as more and more people started using online services. People understood that instead of going to the bank, you could make online […]
BASIS ID Disrupts the KYC & AML Data Management
KYC (Know Your Customer) is an integral part of fighting Money Laundering and Terrorist Financing. It has become one of the necessities for every organization in the financial sector. Managing your customers’ KYC data can be very frustrating, however, there’s a solution – a data management platform. When you start screening thousands of customers, it […]
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 […]
Are Brokers Ready For The Next Bull Market?
As we are seeing a downturn in the economy, companies are expecting to see a rapid influx of new users. In this article, you will understand what you will need to do to prepare your company for the new bull run. What’s The Economic Impact Of The Coronavirus? The World’s economy is suffering COVID-19 pandemic […]
BASIS ID to support enterprises with free identity verification service
BASIS ID will dedicate 1 million free verifications to companies from the APAC region to aid them recover from the crisis. During this difficult time, COVID-19 is restricting face-to-face contact between people, whereas the necessity to conduct customer identification and verification remains. Moreover, ensuring security of relations with the clients and partners has never been […]
Automation of KYC and how manual labor can be reduced in this process? How to ensure greater accuracy using automated KYC?
The development of technology and communications made moving money fast, easy and cheap around the world. On the other hand this made the task of combating money laundering and financing of terrorism more demanding than ever. Financial institutions face great challenges to satisfy the demands of the regulatory authorities and prudent regulations. It is not […]
Which Countries Require EDD and Extra Measures of Security
The European Commission and FATF constantly update lists of high-risk countries. Organizations have to closely monitor those lists and make sure that their customers from those countries go through Enhanced Due Diligence. In the previous article (https://www.basisid.com/what-refers-to-anti-money-laundering-and-what-are-the-last-regulatory-requirements/) we have examined what is money laundering. In this article we will take a closer look at countries […]
What Is KYC And How BASIS ID Makes Compliance Easy For Fintechs?
What does KYC/AML mean? What are the requirements to be compliant and how to mitigate risks as a FinTech? If you are reading this article, you are probably interested in FinTechs. There’s even a chance that you either work at a FinTech company or starting your own. However, just to be clear, Financial Technology or […]
What refers to Anti Money Laundering and what are the last regulatory requirements
Anti Money Laundering becomes a widely used term in the financial industry and moreover becomes a term that is making headaches for the financial institutions itself. AML as a function gets high attention due to the scandals that arise from the biggest financial institutions and the amounts of imposed penalties. For maintaining compliance with the […]
All you need to know about Adverse Media Screening
Read a detailed article about adverse media screening and how to be on the cutting edge of regulations without much effort.