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AML/CFT Screening Practices: How Regtank aligns with MAS
The 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 […]
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What is Know-Your-Transaction and Why is it Needed?
Compliance 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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The Cryptocurrency World as the New Hotspot for Crime
In February 2022, the United States Department of Justice reported their arrest of Ilya Lichtenstein and Heather Morgan, a husband and wife duo, for performing money laundering activities. The couple had attempted to launder 4.5 billion USD worth of cryptocurrency coins stolen from Bitfinex. This high-profile case is only the tip of the iceberg as […]
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Digital Onboarding: A Must-Know in Regulatory Compliance
The process of Digital Onboarding is not foreign to many. An individual would likely have experienced having to provide their personal information to organisations for education, employment, or even online purchases. As a frequent procedure undertaken by organisations worldwide, digital onboarding serves as an essential measure for compliance, especially in combating digital and financial frauds. […]
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An Essential Guide to Combating Account Takeover Fraud
The occurrence of an unprecedented crime has rocked the American state of Idaho. In Boise, Ryan M. Tichy has pleaded guilty to committing wire fraud and identity theft against many individuals, from the period of at least May 2018 through November 2020. He illegally obtained the identification details of victims, which include their account numbers, […]
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ESG in the Universe of Compliance and RegTech
Many organisations and investors initially deemed the concept of Environmental, Social, and Corporate Governance (ESG) unnecessary because of the heavy additional costs involved. However, this stereotype was challenged when BNP Paribas reported that sustainable equity indices have outperformed standard non-sustainable benchmark stock indices. Notably, the MSCI World Socially Responsible Investing index has witnessed a 14.1% […]
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The Hacking of Harmony’s Horizon Bridge
On 24 June 2022, Harmony announced on Twitter that they have been made victims of theft amounting to 100 million USD. The professional hackers exploited Harmony’s blockchain bridge — by successfully entering the system and transferring funds illegally to other fraudulent or private wallets within a short period of time. It was reported that the […]
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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, […]
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The World of VASPs
Despite the industry’s recent growth, non-fungible tokens (NFTs) have also been a source of controversy, as they contribute to the rise of illegal activity. As a result, businesses and law-makers around the globe expect to see regulations surrounding NFTs to become stricter, in a fashion similar to how laws have controlled the cryptocurrency industry. We […]
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Ethereum Ropsten Merge
Ropsten Merge On the 9th of June 2022, it was announced that the Ropsten Testnet has successfully merged with the Beacon Chain. Below, we summarize what is the Ropsten testnet, the Beacon Chain, and the implication of this merger. Ethereum Testnet Ethereum is one of the most popular blockchains in the world, with its […]
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