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.

Gabija Stankevičiūtė

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.

Best identity verification software by G2 in 2024 Winter batch

iDenfy Leads the G2 2024 Winter Batch of Identity Verification Solutions

In the recent G2 2024 Winter batch reports, only 3% of the companies were recognized as industry leaders. G2 reveals that there is a 10% increase in the number of published reports in comparison with the previous quarter.

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.

What is Perpetual KYC (pKYC)?

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.

40 Recommendations of the FATF — Overview

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.

What is Enhanced Due Diligence (EDD)? [With Examples]

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.

AML/KYC Guidelines for Fintech Companies

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: The FATF Travel Rule Obligations

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.

KYC for Forex Trading: Importance and Challenges

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 in Spain 

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.