Regulatory compliance is an important and mandatory obligation for banks and financial institutions. They are required to develop and implement a risk-based approach to prevent money laundering and terrorism funding at all levels of their operations. Through this risk-based approach, Red Flags are raised which is a systematic process. These red flags alert the compliance …
KYC (Know Your Customer) is a process that minimizes risk, enhances control & visibility, and increases transparency for secure finance. KYC Remediation is not a one-time task, as KYC and AML regulations are updated now and then globally. In this article, we will answer the questions of what is KYC Remediation and what is its …
What is KYC Remediation? and How Does it Impact Compliance? Read More »
Money laundering is a grave threat to the reputation and integrity of the financial sector. However, numerous financial institutions, particularly banks, are often on the front lines of such fraudulent activity. These criminal activities usually involve money laundering, financing terrorism, and other crimes. Therefore, it is crucial for all financial institutions to find about how …
8 Effective Ways to Prevent Money Laundering in Banks Read More »
In this post, we will delve into the difference between MLRO (Money Laundering Reporting Officer) and Compliance Officer roles. While both play crucial roles in ensuring regulatory compliance and preventing money laundering, they have distinct responsibilities and areas of focus. We will explore their varying scopes of duties, reporting lines, qualifications, relationships with regulators, and …
For decades, many businesses have been struggling to become digital leaders in the global market. With the rise of digital services and products, consumers also demand seamless, innovative, and digital customer experiences, especially in the banking sector. However, as per a report, approximately 55% of users claim that they prefer getting involved in a digital …
Digital Onboarding Process in Banking for Streamlined Customer Experience Read More »
Terrorism Financing is undoubtedly a serious and punishable crime. It is a complex procedure that involves 4 different stages of terrorism financing explained as follows: 1. Fundraising The first stage of terrorism financing is raising the pool of cash and other monetary resources through illegal or legal means. Mainly, it includes charitable donations from sympathizers, …
The trend of biometrics has stepped into almost every business sector such as banking, finance, government authentication, law enforcement, the education industry, and other areas. Biometrics has become hugely popular and adopted technology that is used to verify people’s identities for enhanced security purposes. Yet, the uses for biometrics have been extended beyond security. It …
Explore Diverse Uses for Biometrics Beyond Security Read More »
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. …
Criminal organisations usually adopt a money laundering approach to hide the source of their illicit funds to make money legal and prevent criminals from being investigated. However, it helps money launderers to hide from law enforcement and trace their money trails. Money muling is one of the most commonly used methods of money laundering, which …
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 »
