6AMLD Challenges: Remittance With the EU’s 6th Anti-Money Laundering Directive in effect, the money remittance industry must adapt to new compliance challenges.The European Union’s 6th Anti-Money Laundering Directive (6AMLD) was implemented across all member states on June 3rd 2021. One of […]
In order to avoid regulatory measures put in place to prevent money laundering, criminals may seek to use money mules to conduct illegal activities on their behalf. Money mule networks are a global problem and are used to move vast […]
Customer Screening: Maximizing Effectiveness and Efficiency A Balancing Act If companies aren’t strategic in their approach to customer screening and monitoring, they risk being overwhelmed with alerts. Those companies face high operational costs, a nearly-impossible-to-clear backlog of alerts, longer remediation […]
Malaysian Fintech: Is Your Board Able to Demonstrate Robust AML Oversight? Earlier this year, Bank Negara Malaysia issued its revised policy document on anti-money laundering/counter financing of terrorism (AML/CFT) and targeted financial sanctions. The new guidelines aim to encourage institutions […]
How Digital Banks Can Reduce Financial Crime A new era of banking has arrived, thanks to digital transformation. At the helm are digital banks—also called neobanks—which operate purely online, and promise to revolutionize the banking experience by focusing on customers’ […]
How Fintechs Can Comply With eKYC and AML Laws (Without Compromising the Onboarding Experience) On the surface, there seems to be tension between Anti-Money Laundering (AML) compliance and user experience. Compliance is often seen as a tedious process—the opposite of […]
On 11 May 2018, the Financial Crimes Enforcement Network (FinCEN) implemented its Final Rule, setting out a range of new customer due diligence (CDD) requirements for financial institutions in the United States. In more detail, the CDD Final Rule involves […]
eWallets are online storage systems that hold users’ banking information and can be used to pay for goods and services, often in conjunction with mobile payment systems. Use of eWallets and “mobile money” has grown rapidly since 2017 as the […]
Why is P2P Money Laundering Becoming More Prevalent? Advances in fintech have allowed for the development and widespread uptake of a variety of online financial services, including peer-to-peer lending and crowdfunding, both of which have grown to represent multi-billion dollar […]
As banks and non-bank financial institutions explore new, innovative methods with which to deliver financial services, digital lending has emerged as an opportunity for those organizations to loan money faster and more efficiently. Digital lending is essentially the use of […]
As banks and other financial institutions embrace advances in financial technology, the digital banking sector has grown dramatically. That growth trend has been reinforced by the coronavirus crisis, which saw a 200% increase in mobile banking registrations in April 2020. […]
The money remittance industry is growing. In 2018, global remittances reached $689 billion: a figure that is expected to reach $746 billion in 2020. The trend is driven, in part, by digital remittance services, which are expected to see a […]
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