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1-2-3: Identify, Verify, Authenticate!

Could you imagine having to present your identification card to purchase a meal at McDonald’s? In Australia, patrons of the fast-food giant have to do precisely that because they are afraid of falling victim to fraud once again. This is for good reason, as McDonald’s was one of the primary victims in a skimming incident, […]

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Money Mulling and Ways to Protect Ourselves Against it

The COVID-19 pandemic has countless implications for everyone, regardless of where one lives in the world. In fact, one such consequence is the rise of criminal activities, such as money muling. During a short period which spanned from 15 September 2021 until 30 November 2021 only, Europol was able to identify 18,351 money mules and […]

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Money Laundering through Cryptocurrency Businesses

As cryptocurrency businesses continue to thrive, they also begin to show some form of susceptibility to crime and make headlines for the wrong reasons. To emphasize, they are a vehicle for money laundering activities. In 2018, several hackers stole $560 million US dollars worth of XEM and other major cryptocurrencies off Coincheck, a Tokyo-based exchange. […]

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AML Five Important Pillars

The Five Pillars Every Anti-Money Laundering (AML) Programme Needs

Money laundering is a rampant issue in the financial world, defined as the conversion or transfer of financial assets for the purpose of concealing and disguising their illicit origin. According to the United Nations, 2-5% of the global GDP is estimated to be laundered annually. As a result, regulators around the world have necessitated the […]

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MyInfo Streamline KYC Data Collection

How MyInfo Can Be Used To Streamline KYC Personal Data Collection

As part of the KYC process, the onboarding process for new customers can include a lot of form filling. However, having too many fields in a signup form can hurt conversion as it slows down. It was found that single-click sign up processes can increase signup rates by a whopping 8.2 percent.   This means that […]

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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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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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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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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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