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 […]Read full post
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 […]Read full post
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 […]Read full post
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 […]Read full post
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 […]Read full post
Data privacy is more important today than ever before. Data has grown increasingly important in recent years, particularly to many enterprises. This is because businesses may utilise data to better their products and services and provide more personalised consumer experiences. In Singapore, companies need to comply with the Personal Data Protection Act (PDPA). What is […]Read full post
What is an STR/SAR? A Suspicious Transaction Report (STR) / Suspicious Activity Report (SAR) is made when a person or institution suspects that any property is directly or indirectly connected to a criminal conduct, and the knowledge or suspicion arose during the course of the business or exchange. While suspicious and/or unusual activity alone does […]Read full post
Bottlenecks in KYC KYC is an essential process financial institutions use to verify the identity of customers before establishing a business relationship. Albeit mandatory, many businesses find the KYC process not only labour intensive, costly, but also time consuming. A research by KPMG discovered that the information gathering and processing took up almost 80 per […]Read full post
Compliance training comes in many forms, but in essence, it is employee training mandated by law or policy to educate employees on regulations that are relevant to their specific industry. A proper compliance training program helps to align and ensure governance across a company, which can minimise risk, increase productivity and help a company remain […]Read full post
Suspicious Transaction Reports are incredibly important given that they tip off financial authorities to transactions that might be a precursor to crime.Read full post
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