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 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
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
In 2018, MAS released guidelines requiring Financial Intermediaries to implement robust controls when onboarding new customers, fundamental to apply the risk-based approach recommended by the FATF. According to FATF requirements, financial intermediaries identify and verify customers’ identities using independent source documents, data, or information. In the digital ID context, digital onboarding would include measures such […]Read full post
At the recently concluded CoinGeek Conference Zurich 2021, Nouriel Roubini, leading economist and professor at New York University’s Stern School of Business, and Dr Craig Wright, inventor of Bitcoin, took to stage to share the importance of the rule of law for the future of digital currencies. As cryptocurrency becomes more mainstream, regulations such as […]Read full post
More companies are accepting cryptocurrencies as payment. Should your business do so too? Technological advancement has seen mushrooming of many payment mediums. Cryptocurrency payments are the newest kid on the block. Thanks to ongoing innovations and revolutions in the financial industry, paying for services or goods has become much easier. Payments can now be done […]Read full post
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 […]Read full post
Benefits of the Travel Rule With the growth of the cryptocurrency industry, more regulations are necessary so as to protect the industry. However, with more firms, there is greater inconsistency in terms of regulations. This has led to an increase in illegal activities such as money laundering through virtual assets. This is attributed by the […]Read full post
Regulatory Technology (RegTech) has become increasingly prevalent over the last few years with over $9.5 billion being invested in the sector. Below are some ways in which RegTech can aid your Business: Improve Customer Onboarding RegTech makes use of Know Your Customer (KYC) to accelerate onboarding as well as to improve customer experience. According to […]Read full post
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