Businesses need to know their customer details not only to be able to assess their needs but also to comply with governmental KYC and AML regulations. In Australia, any business that provides services listed under section 6 of the AML/CTF Act needs to perform a certain level of identification for all their customers. What’s more, AUSTRAC, the Australian Government agency is due to amp up the identification procedures and due diligence required.… Read More
Today, customer convenience is the differentiating factor that matters most. It’s why banks allow customers to apply for loans online, it’s the reason customers can now open savings accounts without having to visit the bank.
That said, convenience must be balanced with security. Banks are already finding it hard to keep up with Card Not Present (CNP) transactions.
According to a Nilson report, payment card-related fraud could amount to $34.66 billion. Increasing efforts in fraud prevention are key to fighting this. This is where AML and KYC compliance comes in.
Read more “AML KYC Compliance Discussed”
While cryptocurrency may still be far from being accepted as legal tender in most countries, it is one of the reigning investment routes. The transparency offered and ease of investment are probably the two most important factors contributing to its popularity. But, the convenience it offers has also made it attractive for money laundering and terrorist funding. This is a global problem that has brought about the need for strong Anti-Money Laundering (AML) legislation and Know Your Customer (KYC) processes. The challenge now for crypto exchanges and wallets is to balance regulatory compliance with a smooth customer experience.
Read more “AML And KYC: The Need Of The Hour For Crypto Exchanges”
$609 million -this is how much companies in the Asia-Pacific region were fined for not complying with KYC, AML and sanctions from 2008 to 2018. As regulators in the APAC region increase their focus on fighting financial crime, the importance of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance has risen. India, Hong Kong, Singapore, the Philippines and Australia- everyone is cleaning up their act.… Read More