MLRO stands for Money Laundering Reporting Officer. MLROs work against the financial crime network and help mitigate terrorism funding. Basically, MLROs are responsible for information collection and reporting of Money Laundering activities and related activities, individuals, and other useful information to the authorities. They also report any suspicious activities and individuals as their core duty. …
OECD recommends the implementation of Digital Identity Management in the EU’s government system with three pillars: Developing a user-centered and inclusive digital identity systems Strengthening the governance of digital identity Enabling cross-border use of digital identity OECD adherents state that: “As society is digitalizing every day, the need for effective digital identity solutions has become …
Digital Identity Management: Enhancing Security Through Blockchain-Based IDV System Read More »
In our recent blog on KYC (Know Your Customer) we talked about the KYC Process. It included four steps. Today, we shall explain the first step which is Customer Acceptance Policy in KYC. What is Customer Acceptance Policy in KYC? A customer acceptance policy ensures that the regulated entity is not accepting any suspicious customers. …
Customer Acceptance Policy in KYC: The First Step towards Financial Safety Read More »
In today’s world, KYC has become an essential element in fighting against financial fraud and crimes, such as money laundering and user identity theft. However, customer identity verification is the first and most important step to perform the KYC process. With the rise of global AML and CFT infrastructure, numerous financial institutions tend to seek …
Top 5 KYC Use Cases: Unlocking Customer Insights Read More »
An Economic Insight Due to the increase in Financial Crime, Economic Volatility is triggering the need to improve the existing KYC infrastructure. All existing Types of KYC need to rethink their processes. Also, the prediction is of an estimated decrease of 2.5% in overall economic growth. So, the general public needs to be aware of …
Types of KYC: A Breakdown of Verification Methods Read More »
“Know Your Customer, Know Your Risk!” This phrase defines the boundaries where the due diligence of clients works to mitigate potential risks. Today, the Financial world is facing increased threats of fraud, money laundering & Terrorism Financing more than ever before. So, customers need deep awareness of Know Your Customer (KYC) and how it is …
Know Your Customer (KYC): An Engaging Guide towards Credible Compliance Read More »
When it comes to electronic money transfers, ACH Transfer and Wire Transfer are two of the most widely used options. However, navigating the compliance requirements for these methods can be a challenge for users. Discover the compliance intricacies of ACH Transfer and Wire Transfer with this user-friendly guide. Learn the distinctions, regulations, and best practices …
ACH Transfer VS Wire Transfer: A Compliance Guide Read More »
Millions are spent annually on Know Your Customer (KYC) and anti-money laundering (AML) procedures as businesses strive to confirm identities and fight money laundering. The rise of online banking and payments has made due diligence increasingly complex to navigate – so what elements should you consider when building a robust and reliable eKYC solution? To …
Key Factors to Consider when Developing an eKYC Solution Read More »
Money laundering is the act of processing illicit money , which is generated by any illegal or criminal activity i.e (drugs trafficking, terrorist funds, embezzlement, corruption, or gambling), into the legitimate business. The money from the criminal activity is considered dirty, and the process “launders” to make it look clean.moreover is a virus in financial …
What is Money Laundering? Understanding the Process and Stages Read More »
Financial institutions are under the lens of regulators, and that scrutiny looks like it will only continue to grow. In fact, financial institutions that lack compliance and due diligence were already fined a staggering $2.7 billion in 2021, according to our “AML Fines 2021 Report.” Who are the biggest offenders, and why are regulators coming …
Financial institutions are under the lens of regulators Read More »
