Compliance reporting is an integral part of financial services, aiming to ensure firms act responsibly, operate within legal boundaries, and protect their clients. However, traditional compliance reporting methods have often been bogged down by inefficient processes, human errors, and lack of transparency. Enter Blockchain technology – a digital ledger system that’s poised to revolutionise compliance […]
Read full postIn the modern era, with the rapid advancements in digital technology and an increased demand for remote services, businesses have been shifting their onboarding processes online. Financial institutions, healthcare providers, and various online platforms are all part of this digital transition. However, this move is not without its challenges, particularly in regard to regulatory compliance […]
Read full postProof of address is a fundamental component of identity verification processes used across various industries, including finance, telecommunications, and government agencies. It serves as crucial documentation to confirm an individual’s residency and plays a pivotal role in preventing fraud and ensuring compliance with regulatory requirements. Delving into the significance of proof of address, exploring different […]
Read full postRegtank Awarded The RegTech Award – AML Risk Assessment in the Regulation Asia Awards for Excellence 2022 25th November 2022 | Singapore – Regtank Technology won the RegTech Award — AML Risk Assessment in the 5th Regulation Asia Awards for Excellence 2022; the awards recognize excellence by firms that have shaped the regulatory landscape in […]
Read full postWeb 3.0 is the next stage of the internet that will redefine our everyday digital experience. How far and how quickly companies and users will adopt the technologies and their uses remains unknown. Looking into some uses and what makes up Web 3.0 can help companies to affiliate themselves with and get started. The […]
Read full postIn 2019, the infamous Canadian cryptocurrency exchange – QuadrigaCX swindled more than USD 190 million from investors. This should have barred its co-founder, Michael Patryn, from being involved in the finance and crypto industry for the security of investors. Yet the decentralised finance (DeFi) platform has provided Michael Patryn with new opportunities, as it was […]
Read full postIn 2021, Nelly Marion Evans Risco “The Nun” held 1 million USD worth of illicit funds in a Swiss bank account that was intended to fund terrorist activities carried out by The Shining Paths, a terrorist organisation that was responsible for approximately 60,000 deaths. Fortunately, Peruvian authorities were able to confiscate the assets before they […]
Read full postTechnological advancement has brought convenience and countless other benefits to the lives of many, yet it has also increased the amount of potential risks that many individuals and businesses have to face. Cybercrime has risen to become one of the most reported forms of fraud, where it has incurred a hefty bill of USD 6 […]
Read full postThe recent release of the information paper from The Monetary Authority of Singapore (“MAS”) contains a thematic analysis of the performance of the various financial institutions (“FIs”) Anti-Money Laundering/Counter Financing of Terrorism (“AML/CFT”) name screening practices in 2021. Banks and financial companies primarily contributed to the insights gathered. Subsequently, from the analysis, those common gaps […]
Read full postCompliance processes are continually enriched with new functions to combat varying emerging issues, further complicating the process. One fundamental pillar of the compliance process involves the Know-Your-Transaction (KYT) module. KYT is a methodology which provides organisations with critical analysis required to identify and reveal any suspicious fraudulent transactions conducted by customers or investors. This is […]
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