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Explore latest news and insights on compliance, global AML regulations and financial crime matters.

Money Laundering through Cryptocurrency Businesses


As cryptocurrency businesses continue to thrive, they also begin to show some form of susceptibility to crime and make headlines for the wrong reasons. To emphasize, they are a vehicle for money laundering activities. In …

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24

May 2022

0

Money Laundering through Cryptocurrency Businesses

As cryptocurrency businesses continue to thrive, they also begin to show some form of susceptibility to crime and make headlines for the wrong reasons. To emphasize, they are a vehicle for money laundering activities. In …

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17

May 2022

0
How Can AI and Blockchain Combat Fraud

How Can AI and Blockchain Combat Identity Fraud?

Identity fraud has become an increasingly prevalent issue as the world becomes more digitised and people become more invested in blockchain. Due to COVID-19, many individuals have transitioned to working from home. With personal tasks …

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10

May 2022

0
Proof of History - A Blockchain Chronograph

Proof of History: A Blockchain Chronograph

Consensus mechanisms are a type of tool manipulated by blockchains to safeguard themselves and function as a ledger for cryptocurrencies. A great variety of diverse consensus mechanism forms are adopted as blockchain technology advances rapidly, …

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29

Apr 2022

0
Regtank Winner of Emerging Fintech Award - Global Brand Business Award

Regtank Announced as Winner of Emerging Fintech Startup of the Year 2022 in the Global Brands Awards

28th April 2022 | Singapore - Regtank was awarded the Emerging Fintech Startup of the Year 2022 by Global Brands Awards under the Fintech Awards category.  The Global Brand Awards is an annual event held by Global …

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26

Apr 2022

0
regtank_NFTs: A New Hotbed for Money-Laundering

NFTs: A New Hotbed for Money-Laundering?

In the cryptocurrency and art scene, “Non-Fungible Tokens (NFTs)” is one of the latest buzzwords that have been going around. In fact, ‘NFT’ was designated as Collins Dictionary's word of the year for 2021. "It's …

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19

Apr 2022

0
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 …

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12

Apr 2022

0

Choosing The Right Compliance Solution For Your Company

How do you know if you’re choosing the right compliance solution for your company? Regulatory compliance is becoming increasingly uncompromising and demanding in this technological age. It is difficult for companies to not only continuously comply …

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05

Apr 2022

0
Blockchain Smart cities development

Blockchain, The Next Step For Smart Cities

According to the United Nations, it is projected that 68% of the total global population will be living in urban areas by 2050. With this growing number of individuals moving to urban areas, efficient and …

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29

Mar 2022

0
Cryptocurrency and decentralised exchanges need liquidity pools

Everything You Need to Know About Liquidity Pools

As decentralised finance (DeFi) is slowly becoming more widely adopted around the world, being able to understand the technology behind DeFi allows for better security protocols to prevent fraud and lower the risks involved.  One of the …

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22

Mar 2022

0
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 …

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15

Mar 2022

0
AML Five Important Pillars

The Five Pillars Every Anti-Money Laundering (AML) Programme Needs

Money laundering is a rampant issue in the financial world, defined as the conversion or transfer of financial assets for the purpose of concealing and disguising their illicit origin. According to the United Nations, 2-5% …

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08

Mar 2022

0
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 …

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01

Mar 2022

0
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 …

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22

Feb 2022

0
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. …

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03

Feb 2022

0
Blockchain Developments that is happening in Singapore

Interesting Blockchain Developments Happening in Singapore

In 2020, Singapore launched the $12 million Singapore Blockchain Innovation Programme to strengthen and bolster growth in the local blockchain ecosystem. By collaborating with nearly 75 different companies, the programme aimed to conceptualise 17 blockchain-related …

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27

Jan 2022

0
Blockchain Technology Uses and Adoption Reasons

What is Blockchain Technology, and Why Do We Use It?

As the adoption of cryptocurrency becomes increasingly widespread, blockchain technology is now something that no business or financial institute can completely ignore. But apart from being a buzzword, what is blockchain technology and why is …

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20

Jan 2022

0
MAS_updated regulations on cryptocurrency advertising

MAS’ Updated Regulations on Cryptocurrency Product Advertisements

The Monetary Authority of Singapore (MAS) published new guidelines on the provision of digital payment token (DPT) services to the general public on January 17, 2021. MAS considers DPTs, which include cryptocurrencies, to be risky …

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13

Jan 2022

0
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 …

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06

Jan 2022

0
End of Year 2021 Review Financial Regulations

End-of-Year Review – Financial Crimes & Regulations in 2021

2021 has been another year filled with volatility for the compliance landscape. From the rise in financial frauds and cyber crimes fueled by COVID-19, to the spotlight on environmental crimes at COP26, as well as …

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30

Dec 2021

0
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 …

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23

Dec 2021

0
Web 3.0 Blockchain Data Privacy Regulation

Data Privacy and Regulation in Web 3.0

What is Web 3.0 and Why Do We Need it? While the internet is something many of us use daily, the web is not without its flaws.  The transition into Web 2.0 (the internet as we know …

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16

Dec 2021

0
ESG Greenwashing Challenges Risk

Green Finance: What is Greenwashing and its Challenges

Why is ESG important?  Environmental, social, and governance (ESG) investments are types of socially responsible investing that consider the impact on the environment, its stakeholders, and the planet in addition to the performance of the investment. …

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09

Dec 2021

0

What is Compliance Reporting and the Importance of it

What is Compliance Reporting ? Compliance reporting is a part of the core compliance process. It is a mandatory requirement by regulators to build and maintain compliance reports. The reports are used to assess whether the …

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02

Dec 2021

0
Regtank Account Takeover Fraud ATO AML

What is Account Takeover Fraud and How Can We Curb It

What is account takeover fraud With the increase in online transactions, account takeover (ATO) fraud happens more often. ATO occurs when a cybercriminal obtains the customer’s login credentials, gains access, and control to an existing account. …

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25

Nov 2021

0
Regtank ESG Cryptocurrency

How are ESG and Cryptocurrency related

What is ESG? ESG refers to environmental, social and governance, which are a set of standards for virtual assets or cryptocurrencies used in the screening process by socially conscious investors. The environmental criteria consider the environmental …

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17

Nov 2021

0
Regtank SFF ASEAN Fintech Awards

Regtank Announced as Winner of MAS FinTech Award (ASEAN FinTech)

17 November 2021 | Singapore - Regtank Technology was awarded 2nd Place at SFF Global FinTech Awards 2021 (ASEAN FinTech) presented by MAS during Singapore FinTech Festival 2021 by Ravi Menon, Managing Director of MAS.  Organised …

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11

Nov 2021

0
FATF 2021 updated Guidance VA VASP

About FATF’s Updated Guidance for a Risk-Based Approach to VA and VASPs

In October 2021, the Financial Action Task Force (FATF) updated the 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs) which addresses cryptocurrency and virtual assets.   As the virtual asset …

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09

Nov 2021

0
Regtank SFF Global Fintech Awards 2021 - Top 40

Regtank shortlisted as Finalist for Global Fintech Awards 2021

9 November 2021 | Singapore – Regtank Technology, a one-stop compliance solution provider, has been nominated as one of the Top 40 finalists for the SFF Global FinTech Awards 2021. The SFF Global FinTech Awards 2021 …

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28

Oct 2021

0
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 …

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21

Oct 2021

0
Regtank-Data-Privacy-and-PDPA

Data Privacy and PDPA: Why is it Important?

Data privacy is more important today than ever before. Data has grown increasingly important in recent years, particularly to many enterprises. This is because businesses may utilise data to better their products and services and …

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14

Oct 2021

0
Regtank AML Compliance for Non-Fungible Tokens (NFTs)

AML Compliance for Non-Fungible Tokens (NFTs)

Non-fungible tokens (NFTs) are unique assets in the digital world that can be bought and sold like any other piece of property, but which have no physical form of their own. The market for NFTs …

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06

Oct 2021

0

Regtank Delivers Full Compliance Solution For Singapore’s Inaugural Non-Fungible Token Charity Auction ‘Blockchain For Good’

6th October 2021 | Singapore - Regtank, the leading provider of a one-stop software-as-a-service compliance solution, has been designated as one of the supporting collaborators for Blockchain Association Singapore (BAS) and the National Trades Union …

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30

Sep 2021

0
Regtank STR VASP Best Practices

STR Tips Based on Emerging Best Practices for VASPs

What is an STR/SAR? A Suspicious Transaction Report (STR) / Suspicious Activity Report (SAR) is made when a person or institution suspects that any property is directly or indirectly connected to a criminal conduct, and the …

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16

Sep 2021

0
Regtank IBM Hyper Protect Accelerator 2021

Regtank selected as Friends of Hyper Protect under IBM Hyper Protect Accelerator 2021

16 September 2021 | Singapore - Regtank, a leading provider of a one-stop software-as-a-service compliance solution has been selected as one of IBM’s Friends of Hyper Protect startups.  The IBM Hyper Protect Accelerator is an investment-readiness …

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16

Sep 2021

0
Regtank-Access-Control-Levels-For-Security-Compliance

Access Control Levels for Security Compliance

Access Control Levels Defined The foundation of any security compliance program in protecting confidential data and systems is via Access Control Levels (ACL), by adopting a need-to-know basis where only appropriate individuals can access certain data …

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07

Sep 2021

0
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 …

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31

Aug 2021

0
Regtank AML Compliance Training

AML Compliance Training and Why Do Companies Need to Focus on it?

Compliance training comes in many forms, but in essence, it is employee training mandated by law or policy to educate employees on regulations that are relevant to their specific industry. A proper compliance training program …

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24

Aug 2021

0
Regtank decentralised-finance blockchain

What You Need to Know About Defi

What is DeFi DeFi or decentralised finance refer to financial services backed by blockchain technology that is not regulated via centralised intermediaries. DeFi has been lauded as the key to overcoming the outdated and inflexible traditional …

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17

Aug 2021

0
Regtank Cryptocurrency Award

Regtank Technology Pte Ltd Named Best Cryptocurrency Regulatory Technology Company in Asia

FinTech Awards 2021 has awarded Regtank, a one-stop Regtech solution provider, the Cryptocurrency Regulatory Technology Company Award in Asia. Hosted by Wealth & Finance International, an investment market intelligence platform, the 2021 FinTech Awards aim to …

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10

Aug 2021

0
Regtank Blockchain Technology Money Laundering

Blockchain Technology is Money Laundering’s Kryptonite

What is Blockchain? In the early 1990s, Blockchain arose from a scandal in record tampering that toppled a Nobel laureate’s career. Blockchain works as a visual chain, where each digital block contains a hash or a …

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03

Aug 2021

0
Regtank Cryptocurrency Market Manipulation

The Vulnerability of the Cryptocurrency Industry and Different Types of Market Manipulation

The crypto market allows users to have direct interaction with exchanges, a trading climate where market users can conduct pseudonymous transactions, without supervision from intermediaries. While regulations and policies have cracked down on certain types …

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27

Jul 2021

0
Regtank STR Compliance

What is a Suspicious Transaction Report (STR) and when should a STR be filed?

Definition: Suspicious Transaction Report (STR) According to FATF Recommendation 20: Reporting of suspicious transactions, any transaction that has the necessary evidence to indicate that it is related to criminal activity needs to be reported to the …

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22

Jul 2021

0
Regtank Reg Flags AML

Red Flag Indicators- What are They and Why Do We Need Them?

What are Red Flags? Every year, hundreds of billions of “dirty” money are laundered through financial institutions or Virtual Asset Service Providers (VASPs). Virtual assets (VA) and related services encourage financial innovation, but their distinct features …

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13

Jul 2021

0
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 …

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06

Jul 2021

0
Regtank KYT Compliance

What is KYT and Why Does It Matter In Compliance?

What Is KYT? Know Your Transaction (KYT) is defined as a software offering crucial analysis for organisations to discover and identify the skeptical fraudulent transactions made by customers against their respective backgrounds and profiles.  In layman terms, …

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29

Jun 2021

0
Regtank El Salvador Bitcoin

El Salvador Legalises Bitcoin. What Does It Mean For the Country and the Wider Ecosystem?

President Nayib Bukele broadcasted his intentions on June 9 to establish El Salvador as the world’s first sovereign nation to adopt bitcoin as legal tender. Through a partnership with digital wallet company, Strike, bitcoin will …

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22

Jun 2021

0
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 …

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15

Jun 2021

0
Regtank Cryptocurrency Regulations

China’s Cryptocurrency Ban: Exchanges and Mining Companies Closes in the Face of Regulatory Pressure

China’s latest attempt to suppress the flourishing virtual currency market on May 21st has wiped nearly $1 trillion (€820 billion) off the market. Host to at least 75% of the world’s bitcoin mining capacity, China’s …

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11

Jun 2021

0
Regtank Emlo Strategic Partnership AML KYC

Regtank and Emlo Technologies Announce Strategic Partnership

FOR IMMEDIATE RELEASE, Singapore—Regtank, a leading provider of a one-stop software-as-a-service compliance solution announces strategic partnership with Emlo Technologies to broaden services with further AML automation and cryptocurrency services. Emlo Technologies is an enterprise-level platform that …

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08

Jun 2021

0
Anti-money Laundering AML Crypto

The Essentials Of Anti-money Laundering (AML) for Crypto: Why Does It Matter?

The dynamic evolution of cryptocurrency has helped build up a significant presence in the financial market, the crypto market is relatively new in the scene and is vulnerable to financial crimes. The amount and nature …

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01

Jun 2021

0
Regtank Blockchain Green Finance

Blockchain the Digital Enabler: Better Enforcement of Green Finance through Blockchain

The crypto market is now becoming a major driving force in environmental and climate finance. The implementation of Paris Climate and Sustainable Development Goals (SDGs) requires a global yearly investment of $3 trillion. Funds from …

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21

May 2021

0
Regtank Cryptocurrency Risk

How Safe are Cryptocurrencies? Money Laundering and Other Financial Crimes through Crypto.

Cryptocurrency has been growing in recognition and adoption rate, with Bitcoin being the world’s 3rd largest currency in circulation as of Mar 2021 [1]. Rapid technological advancement further accelerated the growth of cryptocurrency. Similarly, the …

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12

May 2021

0
Regtank MAS Regtech

MAS’ S$42million RegTech Grant to accelerate regulatory compliance: A boost for crypto and digital payment service providers

Singapore  |  On 30th April, the Monetary Authority of Singapore (MAS) announced that it will provide S$42 million (about US$31.5 million) to Regulatory Technology (RegTech) and the Digital Acceleration Grant (DAG). This is a massive …

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04

May 2021

0
Regtank Cryptocurrency Payment

Companies Are Accepting Cryptocurrencies as Payment and What this Means for the Industry

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 …

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22

Apr 2021

0
Regtank NFTs Cryptocurrency

What Are NFTs and Are They Used For Illegal Activities?

Cryptocurrencies undergo cyclic cycles in innovation and every now and then, there arises a new type of investment or practical use of the technology. Last year, DeFi gained immense popularity and an enormous influx of …

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20

Apr 2021

0
Regtank CTO Jason Lee

Regtank appoints Jason Lee as Chief Technology Officer

Regtank, the leading provider of a one-stop compliance solution, has appointed Jason Lee as its Chief Technology Officer (CTO).  With the role of CTO, Jason will be supervising technology strategies and handling complete IT functions of …

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08

Apr 2021

0
Regtank Fintech Awards Finalist 2021

Regtank shortlisted as Finalist for Asia FinTech Awards 2021

Regtank, one-stop Regtech solution provider, has been shortlisted as a finalist for Asia FinTech Awards 2021, under the category of “Startup of The Year”.  The Asia FinTech Awards was developed by FinTech Intel, global market intelligence …

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01

Apr 2021

0
Regtank FATF AML Defi NFT

New FATF Draft Guidance extends Anti-Money Laundering Rules to DeFi and NFTs

The regulatory industry has been deeply disrupted by the development of various decentralized technologies which allow for pseudonymous-by-design transactions.  Already struggling to graft money-laundering rules, FATF, the intergovernmental organization which sets standards and promotes the …

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25

Mar 2021

0
Regtank Risk Based Approach KYC

What is Risk-Based Approach and Why Is It Important

The Financial Action Task Force (FATF) is an important global money laundering and terrorist financing watchdog. As one of the most influential intergovernmental organization, the FATF sets international standards in the implementation of legal, regulatory …

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24

Mar 2021

0
Regtank Acuris AML

Regtank Partners with Acuris Risk Intelligence To Revolutionize Compliance Landscape

Regtank, a leading provider of a one-stop software-as-a-service compliance solution announces its partnership with Acuris Risk Intelligence (ARI), a world-class trusted provider of data intelligence for anti-money laundering, anti-corruption, and cybersecurity professionals to provide anti-money …

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18

Mar 2021

0
Regtank Cryptocurrency

What will the Institutional Purchase of Cryptocurrencies in 2021 mean

Bitcoin hits a new record high of more than USD $61,000 with support from institutional investors  Bitcoin hits a new record high of more than USD $61,000 as stimulus hopes and big names fuel demand. According …

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15

Mar 2021

0
Regtank-A-Guide-To-The-FATF-Travel-Rule

A Guide to the FATF Travel Rule

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 …

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11

Mar 2021

0
Regtank MAS Singapore Regulatory Policy

Latest MAS Update for Singapore’s Financial Regulatory Policy

The Monetary Authority of Singapore (MAS) has been constantly introducing new regulations while tightening existing regulations in a bid to combat money laundering and the financing of terrorism. Just recently, on 11 February 2021, MAS …

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08

Mar 2021

0
Regtank-International-Womens-Day-5-Inspiring-Women-in-RegTech

International Women’s Day: 5 Inspiring Women in RegTech

To celebrate 2021 International Women’s Day, Regtank would like to honor these 5 remarkable women who have contributed significantly to the development of the RegTech industry:  Sian Lewin Co-Founder & Head of Client Delivery at RegTech Associates …

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04

Mar 2021

0
Regtank PSA Payment Services Act PSA MAS

Singapore’s Financial Regulatory Policy

On 14 January 2019, the Payment Services Act (PSA) was introduced so as to put in place stricter regulations. Some businesses that were affected by this would be crypto businesses as they are now required …

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01

Mar 2021

0
Regtank-Singapore-Fintech-Recognized-by-SFA-and-MAS

Regtank achieves “Singapore Certified Fintech” status, recognized by SFA and MAS

Regtank is proud to achieve the status of “Singapore Certified Fintech” as a RegTech provider, awarded by Singapore Fintech Association (SFA). As firms try to tackle fast-changing regulations introduced by regulators to combat increasing financial crime, …

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18

Feb 2021

0
Regtank-What-You-Need-To-Know-KYC-AML-and-Travel-Rule

What you need to know: KYC, AML and Travel Rule

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 …

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18

Feb 2021

0
Regtank-How-RegTech-Can-Aid-Your-Business

How RegTech Can Aid Your Business

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 …

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16

Feb 2021

0
Regtank Singapore Start Up

Singapore-based RegTech Start-up Regtank Secures $2M in Seed Funding

Singapore-based RegTech solution Regtank announced that it secured a $2M in funding from Singapore-based tech investors. This is one of the largest seed funding rounds for RegTech companies in Asia. Founded by seasoned industry experts …

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