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263

Why Anti-Money Laundering Should Be a Top Priority for Financial Institutions

via Visual Capitalist

The to-do list for any financial executive is surely daunting. From navigating technology changes to managing talent effectively, there’s many initiatives competing for attention.

One issue that’s been in the headlines for many years is anti-money laundering (AML). When criminals are able to successfully hide the illicit origins of their cash, both the financial institution and society suffer. So, what makes AML more important now than it has been in the past? (more…)

AI / Machine Learning / Big Data, Security

July 26, 2019

2340

Customer onboarding and the brand new digital banking licences by MAS

via e27

The announcement from MAS that non-banking fintechs will be eligible to create banks in the digital format, and provide services without any physical branches whatsoever can be considered as the biggest headliner in the financial news of Singapore in July. Altogether, MAS is planning on issuing 5 digital banking licenses in the nearest future.

Applications admission shall begin in August and financial enterprises are, one after another, already announcing their interest in getting the license. As early as today, top managers form Validus, Grab, Razer, Singtel, and InstaReM have already expressed such intentions.

The new licenses issued for digital banking allow the performing of the following services: depositing, lending, and investing for both businesses and natural persons. Customer onboarding therefore, will become essential as the very first step towards utilizing the product. This step has to take into consideration the requirements of the regulations as well as internal risk assessment. This motivates companies to engage in specific partnerships in order to perform the onboarding and KYC. (more…)

Banks, Global trends, InspirAsia, Singapore

July 16, 2019

3777

Trulioo Expands Verification Capabilities Internationally

via PYMNTS

Trulioo, which focuses on global identity verification, said Wednesday (July 10) that it now is able to verify customers in new countries, including Bahrain, Iceland, Qatar and Georgia.

The company said in a press release that it is able to verify customers in those countries through GlobalGateway, its marketplace of identity data and services. (more…)

Fintech news, Security

July 10, 2019

3117

Indonesia’s OVO Adopts Refinitiv’s World Check to Boost KYC Capabilities

via Fintech News Singapore

OVO, one of Indonesia’s leading digital payments platform, has selected Refinitiv’s World-Check to support its Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures to minimize its exposure to financial crime risks.

This partnership comes at a time when OVO looks to continue the expansion of its business and to drive financial inclusion across the country.

With Indonesia’s push to build an inclusive digital economy and financial ecosystem, financial technology services such as OVO play an integral role in defining industry standards and enhancing measures to fight against financial crime. (more…)

Fintech news

July 9, 2019

319

Six Nordic Banks Team To Take On AML Issues

via PYMNTS

Six major banks in the Nordic region will form a customer checking center to help combat money laundering and improve the reputation of the area’s financial institutions, according to a report by Reuters.

The banks involved will be Danske Bank, Swedbank Handelsbanken, Nordea, SEB and DNB. The banks said the KYC Utility would gather know your customer (KYC) checks to start with at large and medium-sized companies in the region, and also start offering commercial services.

Money laundering is a big concern for the region after Danske Bank and Swedbank were implicated in scandals that cost them both billions in their value on the market.  (more…)

Banks, Security

July 5, 2019

1179

SmartSearch pioneers first online AML business credit checks

via FinTech Futures

SmartSearch says it is currently the only organisation in the UK with the ability to verify individuals and companies in the UK and internationally, all in a single platform via a browser or API, with full sanction, politically exposed persons (PEP) and adverse media screening and then ongoing monitoring. (more…)

AI / Machine Learning / Big Data, Open Source/ API, Security

July 3, 2019

1253

AML/KYC’s Data Confidence Crisis

via PYMNTS

The last thing anyone wants to hear from a financial organization is that the people tasked with risk management are feeling less than confident about their ability to do the job — because they aren’t sure if their data is good. If the risk experts aren’t feeling confident, it is difficult to know how anyone else in an organization will.

However, in flipping through the latest edition of the PYMNTS AML/KYC Tracker, a collaboration with Trulioo, there is a lot of data to suggest that this is the situation in many organizations.

About 29 percent of banks have not implemented know your customer (KYC) tools or external data providers across the customer life cycle. In addition, 69 percent of crypto exchanges lack “complete and transparent” KYC and customer due diligence processes, and 71 percent of trade providers have cited compliance limitations and inadequate KYC practices as key factors in driving trade finance rejection rates. Perhaps most worryingly, 63 percent of anti-money laundering (AML) compliance professionals said they lack confidence in their data. (more…)

Banks, Security

June 20, 2019

1049

GrabPay Users Can Now Increase Transaction Limit to $SGD 30,000 After KYC Process

via Fintechnews Singapore 

Grab users will now be able to authorise the retrieval of personal data from MyInfo, a digital identity service from GovTech, to complete the verification process easily.

This comes after GrabPay became a relevant stored value facility (SVF), licensed and regulated by the Monetary Authority of Singapore (MAS).

As a regulated e-wallet, Grab is now required to perform customer identity verification on GrabPay users, in a process called KYC (Know Your Customer). (more…)

InspirAsia, Mobile payments/banking, Singapore

June 7, 2019

874

What Prevents Full Digital Onboarding Among APAC Banks?

via finews.asia

While digital transformation is underway among financial institutions in Asia, they face several roadblocks, with changing regulations, digital KYC/AML and legacy infrastructure among major barriers to successful implementation. (more…)

Analytics, Banks, InspirAsia

June 6, 2019

962

Trulioo Teams with Refinitiv for Financial Inclusion

via Finivate blog 

Identity verification company Trulioo announced this week it will be promoting financial inclusion across the globe via a new partnership with financial market data provider Refinitiv.

The two are hoping to foster financial inclusion by promoting access to digital identity solutions. By combining Trulioo’s GlobalGateway solution with Refinitiv’s risk intelligence, banks can verify billions of customers online while remaining compliant with AML and KYC regulations and ultimately reduce fraud. (more…)

Fintech news

June 5, 2019

596

Thai banks set for facial and fingerprint biometric verification use in Q3

via Biometric Update

Customers of the Bank of Thailand will be able to use biometrics for identity verification when opening deposit accounts by the third quarter of this year to boost security, build consumer confidence, and improve access to financial services, according to the Bangkok Post.

The central bank is planning to gradually open up biometric technology to financial institutions for electronic know your customer (e-KYC) processes. Technology for facial and fingerprint recognition is being tested in a regulatory sandbox, with the tests scheduled for completion in Q3, according to Siritida Panomwan Na Ayudhya, assistant governor of the bank’s payment systems policy and financial group. (more…)

Banks, InspirAsia, Security, Thailand

June 3, 2019

614

Banks can use Aadhaar for KYC with customer’s consent: RBI

via The Economic Times

Banks can use Aadhaar for KYC verification with the customer’s consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.

The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including opening of bank accounts. (more…)

Banks, India, InspirAsia

May 29, 2019

779

Japan to strengthen crypto AML, KYC laws and look hard at exchanges

via CoinGeek

Exchanges that are a little too lax on their anti-money laundering (AML) and know your customer (KYC) protections will need to start paying more attention. Japan, one of the world’s leaders in cryptocurrency regulation since the fall of Mt. Gox, looks to focus on these areas even more this year in an effort to grow up the industry.

Japanese outlet Nikkei reports the country’s Financial Services Agency (FSA) is “taking a hard look at cryptocurrency exchanges.” This comes as a G20 meeting will visit the country on June 28 and 29, and the FSA is expected to undergo an inspection by the global body’ Financial Action Task Force (FATF) to see how its performing. (more…)

Banks, InspirAsia, Japan, Security

May 23, 2019

1471

FrankieFinancial signs Australian neo banks to RegTech platform

via Finextra

RegTech startup FrankieFinancial has signed Australian neo banks Xinja and Novatti Group to its financial systems aggregator platform, which provides a single point of access to ID verification, KYC, AML, fraud and credit tools from 114 vendors and data sources. (more…)

Banks, Fintech news, InspirAsia, Mobile-first banks, RegTech, Security

May 15, 2019

1116

How technology is the only answer to tackling financial crime

via Telegraph.co.uk

Key to stopping financial crime is using the latest technology to truly understand a customer. That’s where you need Encompass, which gathers and analyses a wealth of information to build a picture of a company or individual in minutes, transforming the know-your-customer process. 


(more…)

AI / Machine Learning / Big Data, Security

April 18, 2019

623

Supply Chain Finance Stumped By KYC

via PYMNTS

The Asian Development Bank’s estimates that the global trade finance gap has reached $1.5 trillion has jumpstarted a new wave of competition between banks and FinTechs working to address the biggest challenges to landing capital in the hands of global traders.

FinTech has identified a particularly large opportunity in the trade finance market, pegging traditional banks as too slow to innovate, without the agility to manage the complex processes often linked with financing trade with smaller businesses. Banks’ massive compliance burdens cannot be ignored, either.

However, analysts also note that FinTechs have their own regulatory requirements as well (albeit, often much lower than those of banks), and because they aim to address the financing gap for smaller businesses seen as less lucrative by banks, the due diligence burden is lofty as well. A 2017 report by the Asian Development Bank found that, despite its efforts, FinTech had not yet made a dent on that global trade finance gap. (more…)

Analytics, Banks

April 15, 2019

1068

Varo Money gets NICE anti-fraud tech

via FinTech Futures

Varo Money, the US challenger bank, has selected NICE Actimize to implement its financial crime strategy for anti-money laundering (AML) protections, including know-your-customer (KYC) requirements, sanctions screening and transaction monitoring capabilities.

Varo will integrate NICE Actimize’s AML Essentials, a software-as-a-service (SaaS) AML solution that detects and scores a range of banking activities, including customer due diligence, transaction monitoring, watch list filtering and Suspicious Activity Report (or SAR) filings. (more…)

Banks, Fintech news, Mobile-first banks, Security

April 9, 2019

586

How Artificial intelligence can usher a new wave of Identity Verification services?

via MarkTechPost

Artificial Intelligence is considered the next big thing when it comes to tech products and trends that will lead humanity to the next global revolution. But, apart from the ability of Facebook to determine the face of your friends in an uploaded image and incorporation of AI to suggest search engine results on Google, there is still to be seen a real-life application of Artificial Intelligence that can benefit individuals and businesses alike and we think there is no better contender for this, except for Identity Verification services. They cannot only deter online frauds and scams, but they can play a pivotal role in making payment frauds a thing of the past if used with appropriate intelligence. (more…)

AI / Machine Learning / Big Data, Security

April 5, 2019

687

FICO and Equifax Forge Strategic Partnership

via Finovate blog 

A new strategic partnership between FICO and Equifax will help financial institutions better manage risk, marketing, and fraud. The two companies have introduced the Data Decisions Cloud: an end-to-end data and analytics suite that integrates Equifax Ignite, a data and analytics management solution, with FICO Cloud applications and Decision Management Suite, FICO’s digital decisioning platform. (more…)

AI / Machine Learning / Big Data, Fintech news, Security

March 28, 2019

838

Everest to supply KYC platform in Samoa for cross-border transactions

via FinTech Futures 

Asian Development Bank (ADB) has selected Everest, a California-based firm that uses blockchain for know-your-customer (KYC) purposes, to fix a cross-border issue in Samoa, Australia and New Zealand.

The contract with ADB was signed on 1 March this year, with the implementation starting immediately and expected to be finished in Q3 of this year, Everest CEO and co-founder Bob Reid tells FinTech Futures. Everest was granted the contract after the call for proposals by ADB was made in October. (more…)

Blockchain, Fintech news, InspirAsia, Security

March 28, 2019

763

Crypto Exchange Binance Enhances Global KYC/AML Measures With Tools From IdentityMind

via Forbes 

Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, is implementing stronger know-your-customer (KYC) and anti-money laundering (AML) regulations to ensure data security and compliance across their global operations.

Following the launch of Bitcoin Lite in Australia, Binance announced today a new partnership with Medici Ventures portfolio firm, IdentityMind. This collaboration is part of a joint mission to help raise the blockchain industry’s standards by improving existing data protection and compliance measures. (more…)

Blockchain, Cryptocurrencies, Financial Markets / Trading

March 26, 2019

832

Fixing The KYC And AML ‘Horse-and-Buggy’ Model

via PYMNTS

Only 1 percent of proceeds from financial crimes are intercepted, which means the bad guys are getting away with hundreds of billions of dollars, even trillions. Trulioo General Manager Zac Cohen tells Karen Webster that AML and KYC efforts can be enhanced if FIs think of compliance as a revenue generator, and seek partnerships with tech-nimble firms in a sandbox environment.

(more…)

Security

March 25, 2019

993

Jumio Partners with ComplyAdvantage to Reduce AML Risk Exposure

Jumio, the leading AI-powered trusted identity as a service provider, today announces the launch of Jumio Screening. This is a fully automated anti-money laundering (AML) screening solution that integrates ComplyAdvantage, a dynamic real-time database of people and companies that pose financial crime risk. (more…)

Credit scoring, Security

March 18, 2019

927

Banking Startup Launching Visa Card That Lets You Spend 7 Cryptos

via CoinDesk

Banking startup 2gether is launching a prepaid Visa debit card that allows users to spend cryptocurrencies.

In an announcement, 2gether said customers will be able to use the card to pay with either euros or any of the following seven cryptocurrencies: bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), EOS, Stellar (XLM) and litecoin (LTC). The card “instantly” converts the cryptos to fiat currency and, it said, and can be used fee-free by customers in any of the 19 eurozone nations. (more…)

Cryptocurrencies, Fintech news, Payment processors/providers/gateways

March 18, 2019

1336

Passbase is building a full-stack identity engine with privacy baked in

via TechCrunch

Digital identity startup Passbase has bagged $600,000 in pre-seed funding led by a group of business angel investors from Alphabet, Stanford, Kleiner Perkins and EY, as well as seed fund investment from Chicago-based Upheaval Investments and Seedcamp.

The 2018-founded Silicon Valley-based startup is building what it dubs an “identity engine” to simplify identity verification online.

Passbase offers a set of SDKs to developers to integrate into their service facial recognition, liveness detection, ID authenticity checks and ID information extraction, while also baking in privacy protections that allow individual users to control their own identity data. (more…)

Deals, Fintech news, Influences FinTech, Security

March 18, 2019

642

Where The UK Fails On Anti-Money Laundering

via PYMNTS

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 explains in this month’s AML/KYC Tracker how weak enforcement, toothless fines and lack of political will to scrutinize foreign investment all stand in the way of a cleaner system. (more…)

Global trends, Government activities, Influences FinTech

March 15, 2019

568

Koi Trading OTC Crypto Exchange Partners with IdentityMind for Compliance and AML/KYC Services

Koi Trading, an innovative OTC trading desk that provides private, efficient, and compliant cryptocurrency liquidity to counterparties around the world, today announced a partnership with IdentityMind, Digital Identities You Can Trust, to provide Anti-Money Laundering (AML) compliance-as-a-service to money services businesses globally under the brand Koi Compliance.

Koi Compliance offers the first plug-and-play AML compliance solution that supports digital currency. Koi Compliance will pair their legal expertise and compliance analysts with IdentityMind’s platform that already supports over 35 digital currency exchanges worldwide. This enables companies to focus on running their business, while Koi Compliance leverages industry best practices to perform the legally required Know Your Customer (KYC), transaction monitoring, sanctions screening, recordkeeping, and regulatory reporting through IdentityMind. (more…)

Blockchain, Cryptocurrencies, news

March 12, 2019

284

10 ways central banks are experimenting with blockchain

via World Economic Forum (blog)

While research and experimentation with blockchain technology across sectors has been underway for several years, few organizations have deployed it. Although central banks are among the most cautious and prudent institutions in the world, a new white paper published by the World Economic Forum indicates that these institutions, perhaps surprisingly, are among the first to implement blockchain technology.

Central bank activities with blockchain and distributed ledger technology (DLT) are not always well known or communicated. As a result, there is a lot of speculation and misunderstanding. Yet dozens of central banks around the world – from Sweden to South Africa to Singapore – are actively investigating whether blockchain can help solve long-standing issues in banking, such as payment-system efficiency, payment security and resilience, as well as financial inclusion.

These organizations, tasked with overseeing a nation’s monetary policy and financial and economic stability, are very cautious to implement any technology or solution that can have adverse consequences. Yet many central banks are actively researching a variety of use cases to explore the technology’s potential in controlled, secure settings.

(more…)

Banks, Blockchain

March 4, 2019

257

Is Privacy Under Threat From All The Know-Your-Customer Documents Stored With Countless Services?

via Forbes

European anti-money laundering legislation means customers and businesses are required to provide potentially sensitive documentation to prove their identities. But how safe are the methods of sharing and storing those documents? Are these attempts to strengthen security creating security and privacy risks of their own?

Right now, we’re stuck with a system that forces customers to duplicate key processes, and means sensitive personal documents are stored in multiple locations with multiple services. That’s a poor experience for customers. More seriously, it greatly increases the risk of data breaches. Recent years have proved – with increasing frequency – just how urgent those risks are. (more…)

Blockchain, Global trends, Security

March 4, 2019

339

Dow Jones’ watchlist of 2.4 million high-risk individuals has leaked

via TechCrunch

A watchlist of risky individuals and corporate entities owned by Dow Jones has been exposed, after a company with access to the database left it on a server without a password.

Bob Diachenko, an independent security researcher, found the Amazon Web Services-hosted Elasticsearch database exposing more than 2.4 million records of individuals or business entities.

The data, since secured, is the financial giant’s Watchlist database, which companies use as part of their risk and compliance efforts. Other financial companies, like Thomson Reuters, have their own databases of high-risk clients, politically exposed persons and terrorists — but have also been exposed over the years through separate security lapses. (more…)

news, Security

February 25, 2019