During the KYC and AML compliance regulatory procedures, high-risk customers are usually put in one big box and are further treated in the same manner. These customers, however, have to go through the same strategies, management, and assessment. Yet, not all high-risk customers carry the same amount of risks to the company. Since there are …
Identify High-Risk Customer Types and Prevent your Business from Fraud Read More »
Due diligence generally means reasonable care and precautions to avoid potential harm or risk. In the context of KYC and AML, Due Diligence is the process that helps mitigate financial crimes like money laundering. This article is about the due diligence checklist and its use in the customer due diligence process. What is the Due …
Due Diligence Checklist: Confirming AML Compliance Read More »
Artificial intelligence is a vigorous and powerful technology that delivers millions of benefits to different industries. Not only this, integrating AI solutions into the financial sectors helps them fight against contemporary financial crimes and other types of fraud. These organisations are emerging to incorporate artificial intelligence into their businesses to manage risks, mitigate money laundering, …
4 Key Benefits of Artificial Intelligence in AML Read More »
According to the Financial Crime News, compliance regulators all across the globe have imposed fines against financial organisations of approximately $38.47 Billion. However, the reasons behind these penalties were sanction-relation violations and AML offences Billions of fines since 2000. Well, for many financial organisations, customer due diligence is one of the most important elements of …
Enhanced Due Diligence: Uncover the Customer Hidden Risks Read More »
The corporate sector builds the foundations of the global economy today. Each firm that is corporatized needs to be regulated against financial crimes as well. Here’s where Know Your Business (KYB) comes in which is a verification standard confirming the legal status of the company. Read more in today’s article about how KYB is important …
Know Your Business: Master The Art Of Corporate Compliance Read More »
For numerous global enterprises, it has become crucial to comply with various regulations in order to sustain their market reputation and build good customer relationships with enhanced trust. However, for this purpose, these industries need to conduct Know Your Customer regulatory measures, which are explicitly designed to protect your business against fraudulent activities such as …
Mobile KYC: A Quick and Easy Way to Verify User Identity Read More »
Proof of Address is one of the most important parts of identity verification that is required during the KYC or AML regulatory process. Usually, financial firms and other businesses need documents as proof of address, which is one of the requirements of the customer due diligence and customer identity verification process. Usually, a user needs …
Proof of Address: A Comprehensive Beginner’s Guide to Obtaining One Read More »
Key Outcomes The primary goal of Student Identity Verification is to ensure the authenticity of students for registering a course or certification Student IDV in Distance Education is important for international students as it builds trust in online education. Universities. Colleges and other institutions should implement updated regulatory compliance standards. Identity Verification is an important …
Student Identity Verification: Ensuring Authenticity In Education Read More »
FATF has recently issued a High-Risk Jurisdiction Call for Action List of countries. It is known as the blacklist 2023. These countries have outrightly shown weak or no KYC (Know Your Customer) and AML regulatory compliance. As of February 2023, Iran, Myanmar, and the Democratic Republic of Korea are the blacklisted countries. This article discussed …
Top 5 Global KYC Standards: Empowering The World Against Financial Crimes Read More »
While hiring a new client, it is essential to understand where their wealth or funds come from. Well, knowing about these elements is one of the crucial tasks while implementing Know Your Customer and Anti-Money Laundering compliance regulations. However, by conducting these procedures, you can safeguard your business from employing the wrong user. Not only …
Source of Funds vs Source of Wealth: Unveil the Complexity Read More »
