Regtech, or Regulatory Technology, is set to revolutionize the financial industry. In the coming years, Regtech is expected to become increasingly important across multiple industries, especially finance. With the emergence of new regulations and compliance requirements, Regtech will continue to provide innovative solutions to help financial institutions stay compliant and remain competitive. Regtech is most […]
History of the Crypto Industry Cryptocurrencies have been around since the late 1990s. The first cryptocurrency, called Bitcoin, was launched in 2009. Bitcoin was created as a digital asset to enable peer-to-peer transactions without needing a third-party intermediary. This was a revolutionary concept at the time, allowing transactions to occur without a bank or government […]
The concept of KYC (Know Your Customer) is now a key element in the fight against financial crime and money laundering. Customer identification is the most important element as it is the first step to better performance at other stages of the AML processes. In this article, we will talk about what know your customer […]
Anti-money laundering (AML) regulations are laws and regulations designed to prevent criminals from disguising their illicit proceeds as legitimate funds. These regulations are in place to protect financial institutions, businesses and governments from money laundering and terrorist financing activities. AML Regulations generally require financial institutions to establish customer due diligence procedures, identify and verify customer […]
Technology has enabled us to do many things that used to be impossible or incredibly difficult. We can now communicate with people in real time regardless of location, access data and information almost instantaneously, and perform complicated transactions with a few clicks. We have access to a multitude of services, products, and content that were […]
Financial crime is one of the most serious types of crime and victims often suffer important financial losses. According to the FBI’s 2018 Crime in the United States report, financial crimes caused an estimated $3.5 billion in losses. Financial crime can occur in many forms, including fraud, money laundering, identity theft and extortion. Fraud is […]
The banking and Fintech sector continues to grow day by day. We can now perform many financial transactions in seconds, regardless of space and time, which in the past took longer and with more effort. Although these new technologies offer advantages for us, they also create new opportunities for crimes such as money laundering, corruption, […]
Laws and rules aimed at preventing the use of financial systems for money laundering are known as anti-money laundering (AML) laws. These laws are designed to detect the flow of money through the financial system and to identify and stop illegal activities like the financing of terrorism, tax evasion, and fraud. These laws mandate that […]