Verifying the legal status of a company, identifying its beneficial owners, and monitoring risks to ensure ongoing compliance are all important stages of Know Your Business verification. But this process remains a mystery to some organizations, often resulting in many challenges.
KYC, AML, CDD… Similar but very different compliance terms that people tend to confuse. While regulations vary across countries and different areas, nowadays, not only financial institutions but many other businesses need to know the differences between the mentioned components to maintain effective Anti-Money Laundering programs.
Know Your Business (KYB) helps companies understand every aspect of the businesses they have relations with. That’s why there’s no doubt that nowadays it’s a important part of not only regulated companies’ compliance assurance. But what’s so special about this solution? Tune in to find out.
More countries are legalizing online gaming, which led to gambling apps and online casinos being subject to KYC and AML rules. Find out what that means for the rising entertainment industry’s users and businesses.
Since 2002, more than 38 institutions in USA have reached settlements or pled guilty due to non-compliance with AML regulatory requirements and paid substantial fines in settlements.
How exactly does the proof of address process look like? Our step-by-step guide will answer all questions related to Address Verification.
AML Guidelines in the European Union. What Should Financial Companies Know When Applying Business Verification?
Over the past decade, the EU has been considering how to combat the potential illicit flows through banks and other financial institutions. It’s clear that stricter financial processes call for a more robust action plan from all financial players. This time, we’ll review the EU and its standards by providing all the necessary guidelines.
Especially in business, signing a contract without doing detailed research can result in becoming a money laundering channel. That’s why in today’s complex digital environment, it’s essential to take your time to research every single company that you’re interested in doing business with.
It’s no secret that analyzing corporate structures and identifying customer identities can be a complex and lengthy process. Today’s businesses must comply with the ever-growing regulations and ensure that the company is safeguarded from being involved in suspicious activities. Institutions that follow Anti-Money Laundering (AML) rules and abide Counter-Terrorist Financing (CTF) need to review their […]
Online fraud is an epidemic that has infected various industries. Many businesses are going digital, leaving gaps in their security strategies. With less transparency and more complicated regulations, companies choose to search for new automated fraud prevention tools that would help overcome cybersecurity and compliance challenges.
The complexity of money laundering might be a challenge. With the right tools and proper risk assessment, the dangers of fraud can be controlled. More businesses have become aware of this issue, trying to minimize the risks with KYB or Business Verification. Despite that, the question remains ‘How?’, as the number of millions for non-compliance […]
Are you wondering what tools and methods can detect and prevent vicious crimes, such as illegal earnings and money laundering? Will it be Customers’ AML Screening and Ongoing Monitoring? Keep reading to find out.
The modern, technologically advanced world demands its’ inhabitants to follow an ever-increasing number of guidelines to prevent financial, governmental, and other institutions from disaster. Business verification is one of them. The digitization of our everyday lives sets the stage for more devious fraudulent activities than ever before. And even if it usually gets unnoticed by […]