The Crypto Challenges that Lie Ahead

In 2021, the global crypto population rose from 106 million in January to 295 million in December, showing a vast increase of 178%. It is further predicted that the number of global crypto owners will …

Regtank X Asia Fintech Awards (Director of the Year)

16 September 2022 | Singapore MEGAN LI, FOUNDER AND CEO OF REGTANK, NAMED ‘DIRECTOR OF THE YEAR' BY ASIA FINTECH AWARDS 2022 Regtank’s CEO, Megan Li, has won the Director of the Year award at the Asia …

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 …

Protocon x Regtank Partnership

Regtank has forged a strategic partnership with Protocon, a blockchain mainnet project. In the strategic business agreement (MOU), both companies have expressed their mutual interest in enhancing the efficiency, accuracy, and security of the blockchain …

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 …

The Cryptocurrency World as the New Hotspot for Crime

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 …

Digital Onboarding: A Must-Know in Regulatory Compliance

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 …

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 …

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 …

Regtank Named Top Cryptocurrency Solutions Provider in APAC 2022 by Financial Services Review

Regtank Named Top Cryptocurrency Solutions Provider in APAC 2022 by Financial Services Review   12 July 2022 | Singapore    Regtank, a leading provider of a revolutionary one-stop SaaS compliance solution, was awarded the ‘Top 10 Cryptocurrency Solution Providers …

The Hacking of Harmony’s Horizon Bridge

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 …

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 …

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 …

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 …

Will Regulations on NFTs Tighten Over Time?

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 lawmakers around the globe expect to …

The Future with Digital ID

It is a common sight to see someone else frantically digging for their identification (ID) card as they progress to the front of a long queue in a bank. In fact, you may have experienced …

Regtank Named Singapore’s Most Innovative Blockchain Company in 2022

6 June 2022 | Singapore 2022   Regtank Named Singapore’s Most Innovative Blockchain Company in 2022   APAC Business Headlines has chosen Regtank, a one-stop RegTech solution provider, as Singapore’s Most Innovative Blockchain Company of 2022 in their recent …

Money Mulling and Ways to Protect Ourselves Against it

The COVID-19 pandemic has countless implications for everyone, regardless of where one lives in the world. In fact, one such consequence is the rise of criminal activities, such as money muling. During a short period …

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 …

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 …

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, …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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% …

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 …

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 …

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. …

The Differences Between Proof of Work and Proof of Stake

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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. …

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 …

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. …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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, …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …