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
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
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
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
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
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
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
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