Insights
Insights
Here are the latest trends and insights along with emerging technologies that are shaping the Finance Industry through the eyes of Fineksus team.
Here are the latest trends and insights along with emerging technologies that are shaping the Finance Industry through the eyes of Fineksus team.
US Anti-Money Laundering Act (AMLA)
US Anti-Money Laundering Act (AMLA) The US Department of Justice (DOJ) has been given much more authority to combat money laundering due to the Anti-Money Laundering Act of 2020 (AMLA). It is consistent with recent statements made by the US administration about combating corruption as a key national security concern with an emphasis [...]
The 2022 Surge in Anti-Money Laundering Fines: A Closer Look at the Top 5 Penalties
The 2022 Surge in Anti-Money Laundering Fines: A Closer Look at the Top 5 Penalties The anti-money laundering (AML) penalties at the global scale recorded an increase of 50% in 2022 totaling nearly $5 billion as a result of 3,495 AML events reported. Financial institutions (FIs) that fail in operating successfully know your [...]
Get Ready for ISO 20022 by March 2023
Get Ready for ISO 20022 by March 2023 What is ISO 20022? ISO 20022 is a financial messaging standard that offers more structured, richer and accurate data in comparison to its predecessor ISO 15022 and aims to increase the levels of transparency, flexibility and automation in financial transactions and processes. ISO 20022 [...]
KYC Guide For Fintechs
KYC Guide For Fintechs Explore the Know Your Customer (KYC) process with its relation and echoes on the financial ecosystem and FinTechs specifically. Download the Whitepaper
Screening for Sanctions and Embargoes
Screening for Sanctions and Embargoes Financial institutions are more exposed to the danger of sanctions, and operational and supervisory issues, and need to abide by regulations from numerous jurisdictions and organizations as a result of globalization. Therefore, compliance methods must be improved to avoid fines and damage to one's reputation. What is an [...]
Essentials of AML Onboarding
Essentials of AML Onboarding 92% of businesses believed that the existing Know Your Customer (KYC) onboarding procedures cost about $28.5m, according to a Thomson Reuters study. On the other hand, according to UN estimates, the cost of international money laundering yearly ranges from $800 billion to $2 trillion, or 2-5% of world GDP. [...]
Difference between Fintech and Regtech
Difference between Fintech and Regtech Fintech and Regtech are two new technologies that are revolutionizing the financial sector and triggering established banking structures. While all two of these financial services solutions are closely tied to one another and work well together, they are not the same thing. What Is FinTech? Fintech, or financial [...]
International Sanctions
International Sanctions International sanctions are political, diplomatic, and economic actions taken by nations, international organizations, or a coalition of nations to impose restrictions on a targeted state's or person's trade, financial transactions, and other economic activities, usually to influence the target's behavior. Restrictions on trade, money transfers, travel, and other activities are only [...]
Neobanks vs. Traditional Banks
Neobanks vs. Traditional Banks: Definition, Differences and Impressions As the advancements in the internet era altered the way people experience the world evolving around the concepts like pace, online and free, it was inevitable for the “neo” (new) trend in the banking industry to emerge to catch up with the new demands [...]
Transaction Laundering
Transaction Laundering Criminals are finding new ways to exploit online payment infrastructures and conceal their illegal funds as banking services connect with eCommerce technologies. Transaction laundering is a new trend among internet criminals that reflects a digital version of traditional money laundering that has been largely ignored by regulators and financial service providers. [...]
