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…
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,…
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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