Tag: customer due diligence

Client onboarding is a critical first step in understanding who financial institutions are doing business with and assessing potential risks. This know your client (KYC) process helps firms meet anti-money laundering (AML), counter-terrorist financing (CTF), and broader compliance requirements, while also preventing fraud.

When criminal organisations generate illegal profits, they must clean or ‘launder’ the money before it can be safely used in the legitimate economy. This...

The Financial Crimes Enforcement Network (FinCEN) has recently issued a pivotal final rule that mandates registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish comprehensive anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks under the Bank Secrecy Act (BSA).

Australia is moving to overhaul its anti-money laundering and counter-terrorism financing (AML/CTF) framework with a comprehensive new proposal aimed at aligning the country with global standards set by the Financial Action Task Force (FATF).

In 2025, Know Your Customer (KYC) solutions will become essential for financial institutions looking to enhance their anti-money laundering (AML) frameworks. With increasing regulatory scrutiny, sophisticated financial crimes, and growing customer expectations for seamless onboarding, the sector is witnessing a shift towards decentralised identity (DCI) and perpetual KYC (pKYC). T

The implementation of the 6AMLD on June 3, 2021, marked a significant escalation in the accountability of financial institutions across European Member States.

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...