Know Your Transaction (KYT) & The Travel Rule: Strengthening Financial Compliance in the Digital Era Introduction As financial transactions become increasingly digitized, Know Your Transaction (KYT) has emerged as a critical tool for preventing money laundering (AML), fraud, and terrorist financing (CTF). Unlike Know Your Customer (KYC), which focuses on verifying customer identities, [...]
Revolutionizing Financial Services with Tokenization In today’s digital era, how we perceive and manage assets is evolving rapidly. Tokenization, a transformative concept, holds the potential to revolutionize numerous industries, especially finance. But what exactly is tokenization, and why is it garnering so much attention? What is Tokenization? Tokenization involves issuing a digital [...]
What are the FinTech Trends in 2024? FinTech industry has been continuously evolving to reshape the financial environment and in 2024 new trends emerged in FinTech changing the way individuals, companies and institutions use the financial services. Boosting efficiency, improving customer experience and increasing transparency in the financial world are the ultimate [...]
What Are the Key Takeaways from the Financial Action Task Force (FATF) Plenaries in February and June 2024? In 2024, the Financial Action Task Force (FATF) held two major plenary meetings—February in Paris and June in Singapore. These meetings brought together global experts to address money laundering (ML), terrorism financing (TF), and [...]
What Are the Payments Trends in 2024 The two broad predominant trends in the payments industry in 2024 are improving customer experience and globalization. While the cross-border transactions are supported by regulatory frameworks to facilitate the implementation of new payment solutions and enable frictionless and real-time transactions internationally, the customer-centric approach is [...]
MASAK Launched New Suspicious Transaction Reporting Structure Implementation of Updated Suspicious Transaction Reporting (STR) Structure We are pleased to inform you that MASAK has announced a comprehensive update to the Suspicious Transaction Reporting (STR) structure, which took effect on May 8, 2024. These changes include significant enhancements in the following areas: - Suspicious [...]
Why Banks Need Real-Time Transaction Monitoring? The banking industry is changing from a physical to a digital one in today's information economy. Conversely, digital transition presents a unique set of difficulties. Banks are dealing with a fresh and intricate set of money laundering issues, and the number of regulatory infractions keeps going [...]
Top Banking Trends in 2024 About a quarter century ago, the banking industry leaped into the realm of digitalization and it has transformed the understanding, operations, and the whole system of banking since then. Similarly, the quickly evolving and maturating field of artificial intelligence (AI), along with the new cloud computing and data [...]
What are the Fraud Trends in 2024? The financial landscape has been continuously evolving at an accelerating pace together with the increased globalization, interconnectedness, technological enhancements and digital solutions. This rapidly-developing trend brought about a rise in the new methods to exploit the system which helped financial criminals to find new ways [...]
The Highest AML Fines of 2023 The ever-evolving nature of the financial world and regulations to keep up with the technological trends and new methods of financial crimes caused high levels of increase in the anti-money laundering (AML) related fines imposed on the financial institutions and other organizations from different industries. While [...]
