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FinTech solutions for AML
As technology advances and evolves, so do criminals. But FinTech has the potential to help banks stay one step ahead. Whether it’s digital currency tracking, data connectivity or machine learning, more powerful IT systems combined with technological advances open up new possibilities in the fight against money laundering. As digital currency circulation grows, so does…
Read moreFintech – strengthening banks’ anti-money laundering efforts
In today’s financial landscape, banks must comply with strict regulations associated with Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. Since the 2008 financial crisis, banks and financial institutions have been relentlessly bombarded with financial regulations aimed at protecting financial systems and customers, as well as increasing transparency. If banks don’t comply with regulations,…
Read moreNew EU measures against money laundering and terrorist financing issued in April 2023
The European Union has issued new measures to combat money laundering and terrorist financing in April 2023. The new rules come in response to growing concerns about the negative impact of money laundering and terrorist financing on the economy and society as a whole. The measures are part of the EU’s wider strategy to strengthen…
Read moreMitigating the impact of corruption and bribery: Practical steps to take
According to the World Economic Forum, corruption costs developing countries $1.26 trillion every year, a staggering figure that highlights the devastating impact of this illegal activity. Unfortunately, the problem is not limited to developing countries, as according to the above statistics, half of the EMEA (Europe, Middle East and Africa) population finds corruption acceptable. This…
Read moreNeobanks, artificial intelligence and KYC
Artificial intelligence is changing the neobanking landscape, and machine learning is poised to improve your identity verification process, boost your conversion rate and accelerate your ROI. In traditional banking, a financial institution would try to prevent financial crimes and illegal activities, such as terrorist financing, by implementing KYC-compliant practices. These KYC compliance measures would include…
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