Businesses that fail to comply with anti-money laundering (AML) and know your customer (KYC) regulations risk major regulator fines and irreparable damage to customer relationships when something goes wrong. Companies therefore must either invest in teams of AML specialists or in fraud-fighting technologies. Not all...
There won’t be any answers until next year regarding the ongoing investigation of the Swedish Financial Supervisory Authority (FSA) and money laundering in the Baltics, Reuters said on Friday (Aug. 23). After Sweden’s Estonian business was caught up in a money laundering scandal, it lost...
Sharing economy platforms are opening up new opportunities for property owners and travelers. Homeowners can monetize spare rooms and visitors can secure accommodations before arriving in new cities. Car owners can turn profits on underused property, and drivers can avoid the expense of purchasing items...
Crypto thefts, scams and fraud cost more than $1.2 billion in Q1 2019 alone. Securing against these threats requires trading platforms to strategize against all eventualities, says Bitbuy President and Founder Adam Goldman. In this month’s AML/KYC Tracker, Goldman explains how Bitbuy uses new tech...
Regulators are pushing for greater oversight of cryptocurrency, with anti-money laundering (AML) and counter-terrorist financing (CTF) watchdog, the Financial Action Task Force (FATF), recently releasing guidelines intended to make digital asset transactions more transparent. That’s not the only sector getting greater oversight, either: Mobile wallet...
Biometric authentication enables processes as simple as unlocking a smartphone and as complex as streamlining airport security checks. With that in mind, FIs are currently looking into the technology and considering what role it can play in cracking down on money laundering and facilitating KYC...
Millennials aren’t investing as much as older generations — but engaging with them on their smartphones, which they’re always on, could change that. Providing that mobile experience, however, requires navigating a strict KYC and security minefield, says StockTwits CEO Ian Rosen. In this month’s AML/KYC...
With one of the world’s biggest money laundering scandals just a few months old, it’s a fitting time to look into the state of security and compliance. Money laundering is estimated by the United Nations Office on Drugs and Crime to be an $800 million to...
Money laundering scandals have rocked the reputations of major financial institutions (FIs) that are consequently launching new efforts to repair their images. The Estonian branch of Danske Bank was accused of failing to screen $230 billion in suspicious funds, while Swedbank was accused of mishandling...
