How AI Helps Banks On AML Compliance Anti-money laundering (AML) is defined as a set of regulations and procedures designed to prevent criminals from concealing illegally obtained funds as legal income. AML laws cover a relatively limited number of transactions and criminal acts with great indications. However today the [...]
How to Build Fintech AML Compliance Every financial technology (Fintech) start-up has its own core focus on answering a problem in the financial industry. However, after starting the company, the focus begins to get distracted as many other problems about running a business begin to occur. Instead of focusing on improving the product, [...]
5 Things to Know About Secure Financial Messaging Services Correspondent banks are a key player in the global economy. They enable and improve the liquidity of currency, which is one of the fundamental factors in economic growth. Moving money around the world is not only beneficial for the economy, but it’s also a good [...]
SWIFT Standard Changes 2019 SWIFT is a messaging format that allows banks, financial institutions to communicate by sending electronic messages. Every year, SWIFT collects the changes requested by its users, prepares and evaluates them with the technical and business consultants, and then publishes them in their SWIFT Standards Release Guide. Â This year, the [...]
How the Financial Services Industry Can Respond to the Regulatory Spotlight The financial services companies are innovating the whole financial industry, from increasing the speed of services to offering more added value to customers.  However, they don’t operate independently of  the circumstances that affect traditional  financial institutions. In many countries, financial services companies [...]
How to Create a Culture of Compliance Compliance is quickly becoming a topic of great importance in the fintech industry and financial institutions as it becomes clear how dire the consequences of non-compliance can be. Since the financial crisis alone, banks have paid over $204 bn in fines. As such, the frequent model [...]
Correspondent Banking in the New World Order Banks are probably the oldest and most solid institutions in the finance industry. They are perceived as the foundation for economic growth and stability (or at least the role they play is essential). This has led them to become the most dominant players in the finance [...]
How Fineksus Manages Real-time Payment Schemes What SWIFT Offers Established in 1973, SWIFT or Society for Worldwide Interbank Financial Telecommunications is a cooperative that provides safe and secure financial transactions between the financial institutions that are a part of the network. Before the SWIFT, the only way to conduct international transactions was [...]
Preventing Compliance Risks During Customer Onboarding Know your customer, otherwise known as Know Your Client (KYC), is the name of the methods conducted by a bank or financial company to verify the identity of their clients. This allows them to evaluate the risks (or if there are any risks) of implementing a business relationship [...]
SWIFT Corporate Forum 2019 was Held in Dubai Supporting corporates achieving their optimisation goals, SWIFT Corporate Forum was held in Dubai on 4 March this year. Many attendees took part in the payments ecosystem including treasurers, members of the corporate finance departments and various other actors were present in the event to share [...]
