Hundreds of billions of pounds' worth of criminal funds are laundered through the U.K. each year, while the non-compliant corporations and FIs that enable this receive little more than a "parking penalty" level fine. That’s according to Susan Hawley, Corruption Watch's director of policy, who...
Financial institutions (FIs) must carefully balance staying compliant and keeping their customers safe, all without introducing frictions that could scare customers away. However, despite the friction points that can get introduced into the process due to anti-money laundering (AML) and Know Your Customer (KYC) processes,...
Tightening regulations have introduced loftier compliance burdens to global supply chains, made even more complex and challenging as companies do business with thousands of vendors across borders. This is true for any industry, but perhaps even more so in the food retail space, where regulations...
Compliance and risk management technology provider Opus is launching a new Know Your Customer (KYC) workflow solution for banks. A press release on Tuesday (Jan. 29) said Opus is rolling out its Clarity KYC solution to automate KYC workflows and enhance risk analysis. The Software-as-a-Service (SaaS)...
March 05, 2024
Few financial institutions (FIs) are choosing to develop technology in-house, indicating a growing reliance on third-party FinTechs to meet their needs. However, sifting through the multitude of options to find the right vendor can be a daunting and resource-intensive process, said Karan Jain, CEO of NayaOne. “There are so many FinTechs on the market, and […]
January 03, 2018
Knowing your customer (KYC) is only part of the battle in making sure payments — and just about everything else tied to a business — are secure. In fact, KYC is...
November 13, 2018
A new survey shows that an increasing number of mergers and acquisitions (M&As) are not going through because of concerns over General Data Protection Regulation (GDPR) compliance. According to a survey of M&A professionals in the EMEA, conducted by Merrill Corporation, the European Union’s (EU’s) GDPR, which went into effect at the end of May, […]
August 01, 2017
The Consumer Financial Protection Bureau warned companies Monday (July 31) about tricking consumers into expensive pay-by-phone fees. In a press release the government watchdog said it is concerned about the...
