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 […]
Environmental Crime and Money Laundering: What is it and What Are the Consequences? Environmental Crime and money laundering poses a threat to both the natural world and to global financial systems, and generates billions of dollars per year for criminals […]
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 […]
Malta has long been recognized as one of the most effective tax havens in the European Union, if not the world. A trait that has had the side effect of making it especially attractive to money launderers who can blend […]
6AMLD is due to be transposed into law on 3 December 2020. Given the issues that many countries have had with implementing both 4AMLD and 5AMLD, we’ve put together a report on the latest directive from the European Union to […]
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 […]
Managing your client relationships with politically exposed persons (PEPs) is a high-priority issue for any compliance officer responsible for this high-risk area of the business. Managing PEPs in Practice Despite the importance of these relationships for any financial institution (FI), […]
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. […]
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