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Weekly Market Roundup
Blog
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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Jan 2022
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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Jan 2022
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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Dec 2021
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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Dec 2021
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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Dec 2021
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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Dec 2021
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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Dec 2021
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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Nov 2021
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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Nov 2021
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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Nov 2021
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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Nov 2021
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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Oct 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 …
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Oct 2021
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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Oct 2021
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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Sep 2021
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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Sep 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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Sep 2021
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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Sep 2021
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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Aug 2021
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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Aug 2021
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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Aug 2021
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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Aug 2021
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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Aug 2021
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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Jul 2021
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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Jul 2021
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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Jul 2021
What is Digital Onboarding? Why is it Important for Regulatory Compliance?
In 2018, MAS released guidelines requiring Financial Intermediaries to implement robust controls when onboarding new customers, fundamental to apply the risk-based approach recommended by the FATF. According to FATF requirements, financial intermediaries identify and verify …
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Jul 2021
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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Jun 2021
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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Jun 2021
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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Jun 2021
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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Jun 2021
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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Jun 2021
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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Jun 2021
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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May 2021
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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May 2021
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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May 2021
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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Apr 2021
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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Apr 2021
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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Apr 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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Apr 2021
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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Mar 2021
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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Mar 2021
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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Mar 2021
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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Mar 2021
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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Mar 2021
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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Mar 2021
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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Mar 2021
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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Mar 2021
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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Feb 2021
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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Feb 2021
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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Feb 2021
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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