How to Build an Effective Know Your Customer (KYC) Strategy

By |2022-12-01T14:20:27+03:00December 1st, 2022|

How to Build an Effective Know Your Customer (KYC) Strategy Why KYC is important Banks and other financial institutions are entitled to the responsibility to verify the identity of their customers and their genuinity. Therefore, operating an effective and successful Know Your Customer (KYC) process has the utmost importance in today’s financial [...]

Non-Fungible Tokens (NFTs) and Their Risks Related to Money Laundering Crimes

By |2022-10-28T12:24:46+03:00October 31st, 2022|

Non-Fungible Tokens (NFTs) and Their Risks Related to Money Laundering Crimes What are NFTs? NFT stands for “non-fungible token” which means that the NFTs cannot be exchanged with each other as they carry incomparable values. NFTs are stored on a distributed ledger technology (DLT) or more specifically on the Ethereum blockchain. The [...]

Upcoming Recession May Lead to More Financial Crime, and Here is Why…

By |2022-09-30T12:43:25+03:00September 30th, 2022|

Upcoming Recession May Lead to More Financial Crime, and Here is Why… Does a Recession Lead to More Fraud and Financial Crime? One of the outcomes of the global pandemic is a global economic recession as the World Bank estimates that the rate of the global growth will drop to 2.9% in [...]

Why Do Crypto Currencies Need AML (Anti-Money Laundering) Regulations?

By |2022-09-01T12:36:27+03:00September 1st, 2022|

Why Do Crypto Currencies Need AML (Anti-Money Laundering) Regulations? Worth of crypto and its use for money laundering The number of cryptocurrencies that are actively exchanged is approximately 20,000 and it gets bigger each day as new cryptocurrencies continue to pop up in the market. The highest total value of all the [...]

Updated Sanctions against Russia

By |2022-06-30T12:02:45+03:00June 30th, 2022|

Updated Sanctions against Russia Updated Sanctions against Russia  Russia’s invasion over Ukraine resulted in the country facing new financial, trade and technology sanctions for the purpose of cutting off the financing of the war. Since Russia is a leading energy producer with its oil and gas sources, imposing sanctions against Russia and [...]

Pros and Cons of Central Bank Digital Currencies (CBDCs) in Cross Border money transfers

By |2022-04-29T13:48:29+03:00April 29th, 2022|

Pros and Cons of Central Bank Digital Currencies (CBDCs) in Cross Border money transfers Central bank digital currencies are digital tokens issued by a central bank that is comparable to bitcoin. They are based on the value of the country's fiat currency. CBDCs are being developed in several nations, and some have [...]

Benefits of Payment Pre-validation in Cross-border Transactions

By |2022-02-28T15:33:17+03:00February 28th, 2022|

Benefits of Payment Pre-validation in Cross-border Transactions The financial messaging service provider, SWIFT, introduced a new financial service called Payment Pre-validation in July 2021 that improves cross-border real-time payment validation by minimizing frictions, verifying the information beforehand, and reducing the cost stemming from errors or misinformation. The real-time API-based system of Payment [...]

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