Transaction Monitoring Software in Fintech: How to Set it Up?

One of the most important parts of the Anti-Money Laundering (AML) compliance package is transaction monitoring — a thorough practice of tracking customer transactions. However, how does it actually work in the context of fintech, and how can businesses improve this process? We explain it all in this blog post.

Gabija Stankevičiūtė

AML Red Flags — Complete Breakdown

Did you know that the Financial Action Task Force (FATF) was created in 1989? Since then, they have set grounds for a more stable action plan against money laundering and terrorist financing. However, the level of complexity in financial crime is rising, and companies must be vigilant when it comes to different risks — or, as we call them — AML red flags.

Address Verification Explained

Access the most recent information on address verification, including use case examples, and learn the key methods for confirming whether the provided address data aligns with the information provided by another individual or business.

What is Ongoing Monitoring? [With Examples]

Dive in to find ongoing monitoring examples, what it takes to stay KYC/AML-compliant, as well as the challenges that arise when trying to build a proper ongoing monitoring process.

What is Reverification? Business Guide [2024 Edition]

Find out the key use cases of reverification and learn why implementing this process can be a beneficial factor in both security and user experience.

Top 3 KYC Automation Benefits for Businesses

We explore the concept of KYC automation and its use cases, explaining how AI-powered KYC software can improve internal compliance operations for businesses.

What is a Politically Exposed Person (PEP)?

The verification of a Politically Exposed Person, or a PEP, is a mandatory requirement in regards to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. PEPs hold greater power due to their position of influence, which makes them more susceptible to fraud, including money laundering. This makes them higher-risk customers that need to be treated with an appropriate level of due diligence. Read more.

Chargeback Fraud Prevention: Key Strategies for Businesses

Reducing fraudulent chargebacks can be a lengthy and exhausting process for businesses. While international chargeback fraud is illegal, it seems that chargebacks are reaching sky-high numbers, and in some cases, traditional anti-fraud measures don’t help companies prevent such major losses. That’s why a robust strategy to mitigate chargeback fraud is crucial. It helps minimize losses, ensuring they are kept at the bare minimum of expected chargeback costs. Read more.

KYC in Banking Explained

Know Your Customer or KYC in banking refers to the series of identity verification checks designed to verify customers. The KYC process helps banks and other financial institutions confirm that the person is who they say they are when registering on their online platform and opening a new account. But KYC doesn’t stop at the onboarding stage of the customer’s relationship. Read more.

KYC in Social Media: Less Anonymity = More Security?

It’s as easy as 1-2-3 to create a new profile on any standard social media platform. This makes social networking and online dating not only a great way to connect with people but also to get blindsided by numerous scams. The lack of identity verification and KYC in social media means bad actors can create fake accounts, steal identities, and remain completely anonymous. This harms both users as well as businesses that use social media for their marketing campaigns. Read more.

Ultimate Beneficial Owner (UBO) — FAQs

Any entity falling under Anti-Money Laundering and Anti-Terrorist Financing regulations must know the exact identity of the Ultimate Beneficial Owner (UBO) for all their business transactions. While this isn’t a new regulatory requirement, many organizations struggle to identify UBOs due to various challenges, including complex corporate structures or intentional efforts to hide the UBO status for the sake of financial crime, such as money laundering. Read more.

Video KYC: What Does it Look Like in 2024?

Video KYC goes beyond the traditional hassle of a video call verification process. Previously, customers had to navigate through network, camera, and microphone access checks, along with pre-checks, before engaging in video KYC. However, the contemporary version of the video KYC process is a game-changer. It is now accessible 24/7, not confined to business working hours, while still meeting regulatory requirements and enhancing the overall onboarding experience for customers. Read more.

Fraud Detection: What You Need to Know in 2024

Fraud detection tools are one of the most prioritized parts of a robust anti-financial crime strategy. Despite governments and their increasing regulatory compliance efforts, fraudsters are using AI and other advanced techniques to surpass identity verification checks or even avoid reporting thresholds and launder illicit funds through devious structuring methods. Consequently, businesses must find a way to build an effective fraud detection and prevention strategy with the right automated solutions. Learn more.