Back in 2021 the UK government published its prototype of the UK digital Identity And Attributes Trust Framework, a set of rules and standards designed to establish trust in the UK’s digital identity products. The framework is a result of consultation with more than 250 organisations, including standards bodies, academia and industry bodies.
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.
Regulatory technology, or regtech, has emerged as a critical component in the fight against money laundering and fraud associated with the financial services industry. It helps automate compliance processes, while creating better customer experiences.
Russia’s invasion of Ukraine has dominated the second quarter of 2022. And we have been developing resources for teams managing the fast-changing area of sanctions compliance that has evolved since the invasion began in February.
Automatically verifying someone's ID is the first building block in a digital customer onboarding process. It's a key part of KYC and AML due diligence. So, what do you need in the process and what should you look for in an automation tool?
The market for financial products that teach kids about budgeting, saving and spending has opened up massively. So, how does KYC for these types of digital financial services work? Let's take a look...
When a Central Bank digital currency is launched in Europe, merchants will want to accept it. The transition will be about planning for new regulation as much as adapting to the new technology.
Management of KYC processes continues to evolve to deal with changing threats and to leverage new regtech. Now, firms are moving to a perpetual KYC model, but what is perpetual KYC and how is it different from a traditional approach to risk monitoring?