Money Services Business (MSB) — AML Compliance Guide

A money services business (MSB) refers to an entity engaged in activities such as transmitting, converting, or exchanging money. This term is commonly used when talking about Anti-Money Laundering (AML) compliance, especially when trying to identify which MSBs are the obliged entities. This term includes a much broader spectrum of all kinds of financial institutions. Learn more.

Gabija Stankevičiūtė

Examples of Money Laundering and Prevention Methods

Fraudsters use money laundering tactics to run their schemes without leaving a paper trail. Money laundering remains a major and costly form of fraud for both businesses and the overall global economy. That’s why businesses must actually know their customers and their backgrounds before allowing them to start their transactions. This is where AML compliance and knowing the main examples of money laundering become extremely important. Read more.

Gabija Stankevičiūtė

What are the Key AML Laws in the US? [Business Guide]

Transaction monitoring, verifying business relationships, working with regulators, or training your staff is just the beginning of ensuring compliance with AML laws in the US. Since the BSA was implemented in 1970, the basics for the current AML framework in the country have elevated, posing more restrictions and processes for US companies to stay compliant. Follow our guidelines to learn more.

Gabija Stankevičiūtė

DEXs and KYC: Addressing Compliance Challenges

Decentralized exchanges (DEXs) are cryptocurrency trading platforms that enable direct transactions between users, aiming to lower transaction fees. They are considered to be fairly anonymous since users need to connect to a crypto wallet to get started. However, DEXs also encounter regulatory hurdles, such as addressing Know Your Customer (KYC) and Anti-Money Laundering (AML) concerns. Read more.

Gabija Stankevičiūtė

What is an NFC Tag? A 2023 Guide

An NFC tag can be programmed with a wide range of information and easily embedded into different products. That’s why there’s no surprise that, with over 80% of smartphones now equipped with NFC, companies are exploring new ways to incorporate NFC technology into their customer experiences.

Gabija Stankevičiūtė

What is Selfie Identity Verification?

Selfie identity verification is the latest ‘it’ trend when it comes to different industries and their top KYC picks. That’s because this verification measure is simple and effective both for the user and for the business, aiming to safeguard its assets. And it’s exactly as it sounds — it requires users to take a selfie, typically during the customer onboarding process. Learn more about its benefits, susceptibility to fraudsters, and more.

Gabija Stankevičiūtė

Top 5 Use Cases of Biometrics in Banking

There are many examples of how biometrics can be used in banking. For example, biometrics can help financial institutions prevent fraud, support regulatory compliance, and provide an alternative way to authentication. That’s why, due to the technology’s convenience, it’s now storming the financial industry, replacing passwords and paving the way to becoming one of the top technological solutions for both KYC and fraud prevention. Read more.

Gabija Stankevičiūtė

What is the Difference Between CIP and KYC? Examples & FAQs

Customer Identification Program (CIP) and Know Your Customer (KYC) are two different business operations that don’t work the same. However, businesses often confuse these terms when talking about ensuring Anti-Money Laundering (AML) compliance and preventing illegal activity. In this blog post, we’ll explain each process in detail, highlighting the key differences to help you create a strong customer identity verification system.

Gabija Stankevičiūtė

What is Identity Proofing? Complete Security Guide with Examples

The Federal Trade Commission (FTC) reported receiving a total of 5.7 million reports related to fraud and identity theft, with 1.4 million of these reports specifically involving identity theft cases. With this level of crime and illicit activity, identity proofing is an inevitable process for businesses that want to protect their assets and their customer’s data.

Gabija Stankevičiūtė

What are the Five Pillars of AML Compliance?

When establishing a robust AML compliance program, financial institutions must prioritize their ability to identify and assess potential risks. This is particularly crucial when dealing with customers who pose a higher risk of engaging in money laundering. To achieve this, a robust compliance program with the five key AML pillars is required.

Gabija Stankevičiūtė

What is a Customer Identification Program (CIP)?

As a piece of a broader Know Your Customer (KYC) strategy, companies must conduct Customer Identification Programs (CIP) to establish their customer identities. Any business classified as a financial institution, according to the Bank Secrecy Act (BSA) is required to create a CIP. Learn more about its requirements.

Gabija Stankevičiūtė

KYC Requirements in the UK

The UK ranks at the top regarding fintech adoption. Not only that but also the idea of RegTech and Open Banking originated here, making the UK and its businesses the key players when it comes to technological advancements. Consequently, the evolution of the regulatory landscape led the UK to have strict compliance regulations. In this article, we’ll review different industries and their KYC requirements.

Gabija Stankevičiūtė

What are the EU’s Anti-Money Laundering Directives (AMLDs)? Complete History Overview

EU anti-money laundering directives (AMLDs) require obliged entities — financial institutions and companies that handle transactions in EU member states — to conduct due diligence checks, including identity verification and transaction monitoring, when forming new business relationships. Learn more.

Gabija Stankevičiūtė