In 2022, research by customer experience management platform OvationCXM found that 76 percent of businesses have given up while onboarding a financial product or service. Among the top frustrations cited included complicated processes, lengthy waiting times, and working with too […]
Transaction screening and transaction monitoring are both key elements of anti-money laundering and countering the financing of terrorism (AML/CFT) and fraud risk management. Although they differ, they’re complementary: screening is part of the risk process before a transaction is approved, […]
Between 2016 and 2022, broker-dealers suffered significant penalties – some in the millions – for customer due diligence failures. These fines have made it clear that firms dealing in securities are not exempt from global anti-money laundering (AML) regulators’ scrutiny. […]
Even the most advanced anti-money laundering and countering of terrorist financing (AML/CFT) technology depends on a well-conceived underlying governance structure to serve its intended purpose. Indeed, U.S. regulators expect firms to designate specific individuals solely responsible for AML/CFT functions – […]
As firms grapple with adapting to volatile market conditions and economic uncertainties, staying ahead requires making informed decisions and partnering with the right vendors. This is especially true when it comes to Know Your Business (KYB) compliance. Despite small to […]
The Know Your Business (KYB) process refers to the series of due diligence measures completed by a firm to gain a comprehensive understanding of its corporate customers. The primary objective of the KYB process is to ensure organizations do not […]
The background of PSN02 lies in the Monetary Authority of Singapore’s (MAS) commitment to maintaining the integrity and security of the financial system against money laundering and terrorism financing risks. By implementing the notice, MAS aims to strengthen the overall […]
Several key factors are driving the growing demand for know-your-business (KYB) solutions, including the rise of digital and online transactions, which have expanded the scope and complexity of business relationships. Another critical factor is the increasing prevalence of shell companies […]
eKYC (electronic Know Your Customer) is the automated process through which companies can perform customer identity verification digitally. eKYC is an alternative to the traditional process that required physical documents. Onboarding rules and regulations for businesses have evolved significantly in […]
The third Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place in Paris on June 21-23, 2023. Discussions focused on: Measures for anti-money laundering and the countering of terrorist financing (AML/CFT) in […]
On 7th June, the UK Payment Systems Regulator (PSR) announced new reimbursement requirements for authorised push payment (APP) fraud victims. In this blog and my video below, I break down what the announcement means and – as someone who has […]
With a government consultation currently underway as of April 2023, Tranche 2 anti-money laundering (AML) reforms may soon come into force in Australia. AML Tranche 2 has already been introduced by countries including the UK, Canada, and New Zealand, and […]
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