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Weekly Market Roundup
Anti-Money Laundering (AML)
Data Privacy and PDPA: Why is it Important?
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 […]
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STR Tips Based on Emerging Best Practices for VASPs
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 […]
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How the Automated Digital Verification Solution Help Reduce KYC Bottlenecks
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 […]
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AML Compliance Training and Why Do Companies Need to Focus on it?
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 […]
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What is a Suspicious Transaction Report (STR) and when should a STR be filed?
Suspicious Transaction Reports are incredibly important given that they tip off financial authorities to transactions that might be a precursor to crime.
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Red Flag Indicators- What are They and Why Do We Need Them?
What are Red Flags? Every year, hundreds of billions of “dirty” money are laundered through financial institutions or Virtual Asset Service Providers (VASPs). Virtual assets (VA) and related services encourage financial innovation, but their distinct features also create a plethora of opportunities for Money Launderers (ML), Terrorist Financiers (TF), and criminals to launder or finance […]
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The Essentials Of Anti-money Laundering (AML) for Crypto: Why Does It Matter?
The dynamic evolution of cryptocurrency has helped build up a significant presence in the financial market, the crypto market is relatively new in the scene and is vulnerable to financial crimes. The amount and nature of data that can be stored and utilised for screening purposes have evolved – and so must technology. Money laundering […]
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What Are NFTs and Are They Used For Illegal Activities?
Cryptocurrencies undergo cyclic cycles in innovation and every now and then, there arises a new type of investment or practical use of the technology. Last year, DeFi gained immense popularity and an enormous influx of capital as people rushed to invest in staking, yield farming and other derivative products. Today, DeFi stands at roughly $52 […]
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New FATF Draft Guidance extends Anti-Money Laundering Rules to DeFi and NFTs
The regulatory industry has been deeply disrupted by the development of various decentralized technologies which allow for pseudonymous-by-design transactions. Already struggling to graft money-laundering rules, FATF, the intergovernmental organization which sets standards and promotes the effective implementation of legal, regulatory, and operational measures for combating any threats to the integrity of the international financial system […]
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A Guide to the FATF Travel Rule
TheFinancial Action Task Force (FATF) is an independent inter-governmental body that helps to develop and promote Anti-Money Laundering (AML) and Know Your Customer (KYC). In light of the rise of the cryptocurrency industry, the FATF published guidance on how its 37 members should regulate cryptocurrency exchanges whereby the FATF’s 2019 amendment to Recommendation 16 had […]
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