SWIFT Customer Security Programme What is the Customer Security Program (CSP)? In 2016, the biggest robbery in the banking history was organized by cyber attackers by breaking into the system of the Bangladesh Central Bank. The total amount of transaction instructions was $951M and the Federal Reserve Bank of New York processed the [...]
5 Things That Cryptocurrencies Should Know for Anti-Money Laundering ComplianceThe whitepaper of “Bitcoin: A Peer-to-Peer Electronic Cash System” by Satoshi Nakamoto which was published in October 2008 introduced a secure electronic payment system via which the users can transfer values to each other without a need to an intermediary party or a financial institution for [...]
Payments Landscape and the Upcoming ISO 20022 Standard Current Payment Channels High-value payments (RTGS) Together with the invention of the telegraph in the end of 19th century, wires have started to be used in the communication industry although they have not become mainstream until the beginning of the 20th century. With wires becoming widely [...]
SWIFT 2021 STANDARD CHANGES – STANDARDS RELEASE GUIDESWIFT 2021 Standards Changes has a comprehensive Release Guide this year due to postponement of changes in several categories caused by pandemic in 2020. Essential changes include six new message types in Guarantees section of Category 7, besides major updates on mutual message types for Letter of Credits [...]
Customer Due Diligence Checklist — 4 Steps to Improve Your CDD Financial institutions are entitled with applying due diligence procedures on their customers to make sure that they are not involved in any activities related to financial crimes. A legitimate and strong Customer Due Diligence (CDD) program is essential to protect the reputation [...]
Financial Cyber Crime: How the System is Failing the Victims Financial Cyber Crime Having the Widest Coverage Among All Industries Cyber threats and attacks may differ in their purpose, method and impact; however, the most common ones are malware, hacking, phishing, data extortion and distributed denial of service (DDoS). The attackers’ ultimate aim is to [...]
Know Your Customer (KYC) Best Practices - Corruption, Crime & Compliance Know Your Customer (KYC) is a compulsory process for the banks and other financial institutions when opening a new account or on regular basis used for identification and verification of customer’s identity. If a customer fails in meeting the minimum KYC requirements, banks and [...]
How Does SWIFT gpi Tracker System Help Banks? SWIFT’s initiative SWIFT gpi (Global Payments Innovation) aims to improve cross-border transaction experience by offering faster, more transparent and easily traceable process with more reasonable costs for the banks, corporates and market infrastructures (MIs). The main benefits of SWIFT gpi for the banks are higher customer [...]
Digital Onboarding and Anti Money Laundering (AML) Digital Onboarding Technology for Financial Institutions Onboarding process plays a vital role in financial institutions’ customer acquisition and loyalty. Therefore, keeping it simple, fast and user-friendly is the key for success. The digitalization of the onboarding experience removed the physical limitations and the complicated processes for [...]
A Brief Summary on 5th AML Directive of EU The 5th Anti-Money Laundering (AML) Directive (Directive (EU) 2018/843), which is the successor of the 4th AML Directive, was published on 19 June 2018 in the Official Journal of the European Union. The due date for the full adoption of the new Directive by [...]
