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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.

Perpetual KYC, or pKYC, represents a Know Your Customer (KYC) practice that combines the verification of a customer’s identity and risk status. These checks help identify and prevent financial crimes in a more effective and efficient way. They are very important in regulated sectors, as KYC and KYB (Know Your Business) help build a proper fraud prevention strategy. Learn more.

The Financial Action Task Force, or the FATF, is a global regulator and a leading intergovernmental organization that aims to help companies address money laundering and terrorism financing issues. The FATF provides guidance, also known as 40 Recommendations, expecting its wide list of member jurisdictions to adopt and implement a unified AML/CFT approach. By doing so, regulated entities can effectively establish a robust anti-money laundering program and contribute to the ongoing battle against fraud and financial crime. Read more.

Enhanced due diligence (EDD) is a set of measures designed to assess customers based on their risk profiles. EDD is based on a risk-based approach that helps companies gather comprehensive information about their customers and safeguard against crimes, such as money laundering or corruption. Enhanced due diligence plays a crucial role in addressing these challenges and is the key process for dealing with high-risk customers.

By now, we all know what the buzzword “Fintech” means. It includes companies like Visa or PayPal, products such as crypto, and other services like Venmo. But while it is all shiny and bright on the outside, internal business operations, especially AML/KYC compliance, aren’t easy for fintechs. The growing volumes of transactions and, naturally, all of the complex fraud schemes make it challenging for financial service providers to stay compliant and, at the same time, provide an effortless user experience. This is where automated tools like identity verification and AML screening come in handy. Read more.

Virtual asset service providers, or VASPs, are entities that carry out exchanges between different forms of virtual assets or between virtual assets and fiat currencies. There are many different virtual assets out there. Today, they’re like digital representations of value that can be traded, transferred digitally, or even employed for payment and investment purposes. Read more.

An increasing number of individuals engage in forex trading on a daily basis, drawn by the potential to earn a consistent income. Despite the ongoing high liquidity and global market volatility, forex trading volumes have steadily risen over the years. However, the industry isn’t immune to illegal activities, such as money laundering and ATO fraud. These illicit actions have exposed the sector’s previously perceived anonymity, highlighting the associated risks. We talk more about KYC compliance and how identity verification can help prevent forex fraud.

AML compliance penalties have made many breaking stories in the news this year, with some European financial institutions making the cut. As these non-compliance fines sometimes reach millions, many countries, including Spain, have increased their focus on strengthening AML measures. Read more to learn how to achieve AML compliance in Spain and fight financial crime more effectively.

“Are you over 21 years of age?” isn’t the most secure age gating method out there today. In other words, age gating refers to an online practice where users are asked to provide their birthdate, select their age, or confirm that they meet the legal age requirement to access age-restricted content. To minimize the chances of minors bypassing such age gates, more businesses use AI-powered age verification systems instead. Read more.

The luxury goods market has had its fair share of interest both from buyers and money launderers. That’s why it’s no longer a surprise if the news is filled with a headline about a money laundering scandal or a related financial crime involving a luxury brand selling jewelry, yachts, private jets, etc. In this blog post, we explore the key ways criminals use high-value commodities as channels for their crimes and dive into AML compliance specifics.

The inability to verify certain types of documents, lack of efficiency in various compliance-related processes, missed updates, and no timely feedback on reported issues — yet, the list goes on. If your company has ever experienced any of these AML challenges, just know that you’re not alone. Thankfully, AML automation has evolved, pushing AI and other advanced technologies to assist businesses in streamlining their operations without any hassle.

Whether you’re a bank, fintech company, MSB, or any financial entity — you simply can’t avoid financial crime compliance. To stay in line with ever-evolving regulatory rules, businesses must implement effective procedures and protect their reputation, customers, staff members, and investors. In this blog post, we pinpoint the main red flags when it comes to illicit activities, providing insights to shield your operations from potential damage and the risk of becoming a target for money laundering.