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 [...]
4 AML Trends to Follow Up in 2022 2021 was a challenging year for the financial industry in terms of the increasing threats of financial crimes and the expanding scope of the regulatory requirements. As a result, the focus of the regulatory bodies was on the Anti-Money Laundering (AML) compliance and how [...]
5 Scandalous AML Anti-Money Laundering Fines in 2021 The United Nations estimated that the cost of global money laundering annually is between $800 billion - $2 trillion which makes up 2-5% of global GDP. Unfortunately, only 1% of the money laundered can be detected and acted upon by the authorities. In order to [...]
Opportunities and Challenges of New Technologies for AML/CFT The new and innovative methods, procedures and technologies are being developed constantly for the purpose of the successful, effective and up-to-date implementation of AML (Anti-Money Laundering) and CFT (Combatting the Financing of Terrorism) requirements. Recently, on November 26th, 2021 I was a panel speaker for [...]
Sibos 2021 Highlights SIBOS is the world’s premier financial services event hold by SWIFT where the global financial community comes together each year to hold annually to identify the trends in the payments industry, to visualize the future of cross-border payments and to keep up with the most recent innovative solutions such as AI [...]
