Insights and Analysis for the Data-Driven Enterprise
Insights and Analysis for the Data-Driven Enterprise
With more people choosing to conduct financial transactions through net banking or via a bank’s mobile app as compared to physically visiting a branch of the bank, Knowing Your Customer (KYC) has become more important than ever before. This refers to the processes followed by banks to verify the identity of a customer. KYC norms themselves have had to be updated to keep up with technology.… Read More
In the film Face Off, John Travolta steals the identity of the antagonist by undergoing a face transplant. He could access everything that the opponent has by doing this. But in reality, one does not need a face transplant.
As more and more transactions have moved online, getting the personal details of another person is good enough to gain access to one’s wealth and ruin his/her life.… Read More
In the alphabet soup of government agencies, OFAC looms large for financial institutions.
Sometimes considered one of “the most powerful yet unknown” government agencies, the Office of Foreign Assets Control—a part of the Treasury Department—enforces economic and trade sanctions in support of U.S. national security and foreign policy.
Simply put, many bad actors attempt to realize their plans via financial means, including fraud, theft, banned commercial trading, or the funding of terrorism.… Read More
