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All Blog Identity Verification KYB/AML Regulations by Country Use Cases

Learn how to build a robust chargeback fraud prevention strategy and mitigate increasing crime risks. Find useful tips for businesses on how to minimize losses and ensure they’re kept at the bare minimum of expected chargeback costs.

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.

Discover how Cherry Servers evolved from traditional security measures for payment merchants and implemented a more advanced, AI-powered KYC system.

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.

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.

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 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 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.