Tag: customer due diligence

Inadequate oversight in AML/CFT and sanctions can lead to substantial regulatory sanctions, reputational damage, and severe financial penalties.

Neobanks have reshaped the banking landscape, boasting a customer base jump from 7.7m in 2018 to nearly 20m by the end of 2019 in the UK alone.

AML encompasses the regulations and procedures that regulated entities employ to prevent the conversion of illicit funds into seemingly legitimate income.

In the financial sector, the introduction of perpetual Know Your Customer (pKYC) practices marks a significant pivot from traditional methods such as KYC. According to...

The UK stands as a prime hub for venture capital within Europe. However, the private investment scene has recently seen a downturn, exacerbated by economic instability and inflatory pressures.

In the evolving landscape of financial regulation, institutions face increasing pressure to implement robust due diligence systems.

The battle against financial crime is ongoing and complex, with Know Your Customer (KYC) protocols at the forefront of safeguarding compliance and securing business operations.

The Australian Government recently unveiled a consultation aimed at overhauling its AML and CTF strategies.

Customer Due Diligence (CDD) stands as a cornerstone in the ongoing battle against money laundering and terrorist financing. It compels regulated entities to collect and verify personal details—name, address, date of birth, and government-issued identification—from customers to authenticate their identities and assess potential financial crime risks.

Napier AI has responded to a consultation from HM Treasury, the UK government's economic and finance ministry, on enhancing the effectiveness of the Money...