What is Brexit? The United Kingdom’s withdrawal from the European Union, commonly known as Brexit, has had a significant impact on the way financial institutions conduct their Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. In this article, we will explore the various ways in which Brexit has affected KYC and AML, and what …
The Pradhan Mantri Kisan Samman Nidhi Yojana (PM Kisan) is a scheme that provides financial assistance to small and marginal farmers in India. Under the scheme, eligible farmers receive an annual payment of INR 6,000 (approximately $81) in three installments of INR 2,000 each. The payments are released every four months, and the 13th installment …
What are the Sanction Lists? A sanctions list is a list of individuals, organizations, and countries that have been identified as posing a risk to national security, foreign policy, or the economy of a country. In the context of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, a sanctions list may be used by …
Utilizing Sanctions Lists and Government Data in KYC and AML Compliance Read More »
Regulatory bodies are government agencies or other organisations that have the authority to enforce regulation in a specific industry. In the context of Know Your Customer’s KYC and anti-money laundering AML regulations, some examples of regulatory bodies that may enforce these regulations. Financial Industry Regulatory Authority (FINRA) Australian Transaction Reports and Analysis Centre (AUSTRAC) Financial …
Regulatory Enforcement of KYC and AML Regulations: The Role of Government Agencies Read More »
A new study has found that 71% of customers are less likely to trust a fintech service affected by onboarding fraud. Onboarding fraud, also known as promo fraud, occurs when threat actors exploit promotional efforts such as sign-up incentives, referral rewards, or loyalty discounts to defraud organizations on a large scale. The study found that …
Learn how Remote eKYC Verification can be used to scale Customer Onboarding Read More »
The Federal Investigation Agency (FIA) in the Khyber Pakhtunkhwa province of Pakistan has registered a money laundering case involving cryptocurrency transactions. The case was launched following an inquiry into the activities of Danyal Farooq, a resident of the Nowshera district, who was found to have maintained 10 different bank accounts with transactions totaling approximately PKR …
FIA books man for money laundering over cryptocurrency transactions: Read More »
Emerging technologies, such as blockchain, have the potential to significantly impact Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. These technologies can potentially streamline and automate these processes, making them more efficient and effective. In this article, we will explore the ways in which blockchain can impact KYC and AML processes, as well as …
Impact of Blockchain Technology on KYC & AML Compliance Read More »
Upstream of any project to set up an automated regulatory solution, of the size and complexity of a solution for the Fight against Money Laundering and the Financing of Terrorism (AML-FT), the professionals of the financial industry are often confronted with a thorny question: should we carry out developments in-house or should we rather use …
News from Mumbai: A 28 year old man named Ashsih Paswan was arrested from Mumbai after two months as he reportedly cheated Bollywood actor Annu Kapoor. Ashish allegedly scammed Annu Kapoor for INR 4.36 lakh under the impression of updating his KYC details as police told. Ashish was arrested on Monday from an Andheri a …
Facebook Pinterest Twitter Linkedin Aadhaar is a 12-digit unique identifying number provided by the Indian government to each Indian citizen. The Aadhaar project intends to offer a single, unique identity that collects all demographic and biometric information for every Indian resident. In India, Airtel Payments Bank has confirmed it will support biometric KYC checks via …
