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.
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

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
Regtank Digital Verification KYC

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 […]

Read full post
Regtank Digital Onboarding

What is Digital Onboarding? Why is it Important for Regulatory Compliance?

On 8 February 2022, the Monetary Authority of Singapore (MAS) announced new recommendations companies should take regarding Non-Face-to-Face (NFTF) Customer Due Diligence (CDD) Measures. They highly encourage the responsible adoption of new technologies – such as e-signatures, liveness detection tests, and Optical Character Recognition (OCR) Technologies. This announcement comes as more financial institutions opt for […]

Read full post
Regtank KYC Compliance

KYC Compliance Made Simple: What You Need to Know

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