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 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… 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 [...]
We are a Welcome Event sponsor in Discover at Sibos 2022. Discover area of Sibos, will host FinTechs with an innovative Welcome Event to meet and network with other banks, FinTechs, and software technology vendors on Monday 10 October 2022 in Amsterdam. Fineksus will be one of three sponsors of the Welcome [...]
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 [...]
3 Facts to Know About to Increase B2B Cross-Border Payments The market size of cross-border B2B payments was $1,000 billion in 2021 and it is expected to reach $2,515 billion by 2030 which means that in 8 years, a growth rate of 10.8% is anticipated for the B2B payments market according to [...]
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 [...]
12th MEBIS Middle East Banking Innovation Summit in Dubai Fineksus will be the Bronze Sponsor of the 12th MEBIS Middle East Banking Innovation Summit in Dubai, UAE which will be held live on 25th and 26th May 2022 at Le Méridien Dubai Conference Centre. 12th MEBIS will gather banking and financial services [...]
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 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 [...]
