When it comes to how consumers use and move money, open banking has spurred a new wave of fintech innovation that brings financial transparency, improved services, and personalized products to customers. But there are hurdles to overcome, including harmonizing compliance standards and KYC processes.
No matter the type of bank, KYC and AML activity will be a legal requirement. So, read on to find out about the role of KYC and AML in banking.
Autumn is here and it's a time of change. Because nothing stays the same for very long, the theme for our Q3 newsletter is perpetual KYC - the process of looking for continually changing risk factors in your business network.
Automating AML and KYC compliance checks in the insurance industry would help drive operational efficiency and better customer experiences - challenges the industry needs to address according to a report issued by Deloitte earlier this year.
Customer due diligence (CDD) is the process by which banks and other financial institutions (FIs) identify and verify individuals before they become customers, and how they then assess risk throughout a customer’s lifecycle.
OneBanx selects Know Your Business (KYB) solution from PassFort, a Moody’s Analytics company, to enhance customer onboarding and compliance processes
In 2021, the UK government published its prototype of the UK digital Identity And Attributes Trust Framework, a result of consultation with more than 250 organizations. But how will it help UK businesses manage and control risk?
Customer due diligence (CDD) is the process of verifying a customer's identity, assessing the risk of doing business with them, and then monitoring that risk level throughout their lifecycle. The goals of CDD are to prevent identity theft, money laundering, and other financial crimes.
How can regulated companies use perpetual KYC (pKYC) to solve their compliance challenges and manage risk throughout a customer’s lifecycle?
AML stands for anti-money laundering. There are AML regulations the world over, each designed to create transparency around who is making financial transactions, to stop financial crime not good customers.
“Exciting technology” and “Regulatory compliance” don’t initially sound like they gel. Certainly cryptocurrency and regulation haven’t always gone hand-in-hand. But blockchain, the exciting technology that underpins cryptocurrencies, does have a place in compliance, logging data in secure, verifiable databases.