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Difference KYC AML

What Are The Differences Between KYC and AML?

In the Fintech industry, the terms AML and KYC are often thrown around frequently and used interchangeably. While these two terms might sound pretty similar, they refer to different requirements that need to be implemented in order to protect a firm from funds that are used for illegal activities.  As it is mandatory for all […]

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End of Year 2021 Review Financial Regulations

End-of-Year Review – Financial Crimes & Regulations in 2021

2021 has been another year filled with volatility for the compliance landscape. From the rise in financial frauds and cyber crimes fueled by COVID-19, to the spotlight on environmental crimes at COP26, as well as one of the biggest data leaks in the Pandora Papers saga, financial crimes are rapidly evolving, and so are regulations. […]

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CDD Customer Due Dillegence

What is Customer Due Diligence and How is it Conducted

During the process of onboarding customers, the first step is to check the legitimacy of customers’ data and identity. The customer could be an individual or a company. This process of verification is called Customer Due Diligence (CDD).  Failure to conduct CDD will expose the business at a higher risk of illicit activities such as […]

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Web 3.0 Blockchain Data Privacy Regulation

Data Privacy and Regulation in Web 3.0

What is Web 3.0 and Why Do We Need it? While the internet is something many of us use daily, the web is not without its flaws.  The transition into Web 2.0 (the internet as we know it) heralded the beginning of an internet filled with user-generated content. With social media and enhanced communication applications, […]

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ESG Greenwashing Challenges Risk

Green Finance: What is Greenwashing and its Challenges

Why is ESG important?  Environmental, social, and governance (ESG) investments are types of socially responsible investing that consider the impact on the environment, its stakeholders, and the planet in addition to the performance of the investment. ESG has started to gain traction in recent headlines and was one of the main topics of discussion in […]

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What is Compliance Reporting and the Importance of it

What is Compliance Reporting ? Compliance reporting is a part of the core compliance process. It is a mandatory requirement by regulators to build and maintain compliance reports. The reports are used to assess whether the company has been complying with the regulations and document the current state of the organisation’s compliance posture.  Generally, a […]

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Regtank Account Takeover Fraud ATO AML

What is Account Takeover Fraud and How Can We Curb It

What is account takeover fraud With the increase in online transactions, account takeover (ATO) fraud happens more often. ATO occurs when a cybercriminal obtains the customer’s login credentials, gains access, and control to an existing account. These existing accounts could be bank, credit card, email, e-commerce, etc. After a successful ATO, the cybercriminal will then […]

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Regtank ESG Cryptocurrency

How are ESG and Cryptocurrency related

What is ESG? ESG refers to environmental, social and governance, which are a set of standards for virtual assets or cryptocurrencies used in the screening process by socially conscious investors. The environmental criteria consider the environmental sustainability and carbon footprint of a cryptocurrency’s protocol’s consensus model. The social criteria examines how a cryptocurrency demonstrates potential […]

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FATF 2021 updated Guidance VA VASP

About FATF’s Updated Guidance for a Risk-Based Approach to VA and VASPs

In October 2021, the Financial Action Task Force (FATF) updated the 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs) which addresses cryptocurrency and virtual assets.   As the virtual asset landscape is changing and evolving rapidly, the 2021 updated Guidance urges virtual asset service providers (VASPs) to be compliant […]

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Regulatory-Technology-RegTech

What Is RegTech and Why Do We Need It

What is RegTech?  Regulatory Technology (RegTech) refers to the “use of technology to enhance risk management and regulatory compliance in financial institutions”. RegTech can be used for two main purposes: (1) combat money laundering (ML) and terrorist financing (TF), and (2) identifying suspicious activities.  Why is RegTech important? Needless to say, Covid-19 has led to […]

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