Screening for Sanctions and Embargoes

By |2023-02-28T12:06:26+03:00February 22nd, 2023|

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

By |2023-02-28T12:04:03+03:00February 15th, 2023|

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

By |2023-02-28T11:54:38+03:00February 8th, 2023|

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

By |2023-02-28T11:46:07+03:00February 1st, 2023|

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 [...]

Transaction Laundering

By |2023-01-27T16:09:44+03:00January 27th, 2023|

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. [...]

Swift Go

By |2023-01-27T16:08:19+03:00January 16th, 2023|

Swift Go SWIFT Go is a watershed moment in the world of cross-border payments. The banking industry continues to face intense pressure to improve cross-border payments. To compete with Fintechs and other non-bank competitors, they must focus on facilitating rapid and frictionless transactions with complete transparency and good security. SWIFT released a new [...]

Ongoing Monitoring

By |2023-01-27T16:02:49+03:00January 9th, 2023|

Ongoing Monitoring Ongoing monitoring entails taking steps to ensure that the firm's knowledge of its business ties is up to date, as well as reviewing transactions to ensure that they are compatible with the expected conduct and purpose of the business partnership. Many businesses are looking to automate this process to screen all [...]

Mexican Cartel

By |2023-01-27T15:57:46+03:00January 2nd, 2023|

Mexican Cartel Money laundering is a form of destructive conduct that criminals all around the world engage in. It is the process of transforming illegal revenues into "clean" money that cannot be traced back to its source. Money laundering, in addition to being a financial crime, is linked to other sorts of crime [...]

Fraud and AML Trends and Predictions for 2023

By |2022-12-29T17:54:01+03:00December 29th, 2022|

Fraud and AML Trends and Predictions for 2023 The effects of the global pandemic have shown themselves on two different sides of the mirror: the acceleration of the initiatives in the digital financial service industry and the evolution of fraud methods together with the new digital channels. As fraudsters are becoming more tech-savvy [...]

How to Build an Effective Know Your Customer (KYC) Strategy

By |2022-12-01T14:20:27+03:00December 1st, 2022|

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 [...]

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