Regtank Insights

Explore latest news, guides, updates and other insights.
Have the latest compliance insights delivered to you.

Subcribe Form (Insights Page)

This field is for validation purposes and should be left unchanged.

Weekly Market Roundup

Subscribe to Regtank on Youtube for more.
identify_verify_authenticate

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, […]

Read full post

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 […]

Read full post
Common Cryptocurrency related frauds and how they can be avoided

The Common Types of Cryptocurrency-related Frauds and How You Can Protect Your Business from Them

In recent years, the cryptocurrency market has received a lot of attention, driving cryptocurrency adoption up at an increasing pace. Global cryptocurrency adoption has increased by 880% over the previous year and an estimated more than 300 million individuals are using cryptocurrencies worldwide.  However, as the public’s interest in cryptocurrencies grows, so does the number […]

Read full post
Preventing Merchant Fraud with a Know Your Business Compliance Programme

The Common Types of Merchant Fraud and How KYB Can Help to Prevent Them

Fraud is a serious issue. In 2020 alone, the total global loss from payment fraud rose to $32.39 billion. This amount is expected to rise even further to reach $40.62 billion in 2027. As businesses selling online goods and services are likely to encounter fraud cases, the rise of the digital economy could bring about […]

Read full post
Decentralized Finance and the role KYC plays

The Role of KYC in the World of DeFi

With the continual developments in blockchain technology, the adoption and use of decentralised finance (DeFi) is becoming more and more common. Broadly defined as any peer-to-peer financial service that does not require the regulation of a centralised intermediary, the use of DeFi enables one to engage in financial services (such as normal transactions) without the […]

Read full post
DAE DAC VASP MSB Crypto Compliance

The Differences Between DAE, DAC, VASP and MSB and How It Impacts Compliance

For businesses that deal with cryptocurrencies, there are many terms, such as Digital Asset Entity (DAE), Digital Asset Customer (DAC), Money Service Business (MSB) and Virtual Asset Service Provider (VASP) that are thrown around and used interchangeably. Combined with the fact that they are often used to describe very similar things, one might think that […]

Read full post
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 […]

Read full post
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 […]

Read full post
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 […]

Read full post
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 […]

Read full post