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

Watchlist screening is a vital process and a part of the AML compliance program, which mandates financial institutions and other regulated entities to check if their customers and business partners appear in certain databases, including global watchlists, including crime and sanctions lists. Read more.

KYP is a necessary measure for healthcare professionals when preventing data breaches, drug abuse, medical identity theft, and other fraudulent activities. Most importantly, a properly implemented digital KYP process can help any healthcare organization onboard its patients easily, preventing criminals from using stolen credentials or personal details to access healthcare services. Learn more.

Rapid technological advancements, inconsistent regulatory frameworks in different jurisdictions, or complexity in the modern financial scope all play crucial roles in one thing — yes, we’re talking about facilitating money laundering. In this context, AML screening, or checking whether potential customers pose risks of money laundering, is vital. Read more.

Discover how GOAT Finance improved its AML program with iDenfy’s identity verification both for individuals and corporate entities, as well as increased efficiency in their screening and monitoring processes, including building custom rules for government registry checks or adverse media.

Chargeback fraud happens if a customer opens a transaction dispute with their payment provider, either for legitimate or fraudulent purposes. While this process is particularly designed to fight crime, businesses, especially e-commerce merchants, have experienced many challenges, with one major issue being substantial financial losses. Find out how to prevent chargeback fraud and identify legitimate chargebacks.

Online gaming companies are part of the regulated iGaming industry, where there are many strict Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Sports betting, online casino, video game or poker betting platforms must verify the user’s identity, their source of funds and location. Learn more.

Adult-oriented platforms take up a huge part of the demand for Know Your Customer (KYC) solutions in the entertainment sector. To businesses selling age-restricted items and services, age verification is an effective tool to safeguard minors from accessing NSFW content. Learn more about services that need adult consent and, more specifically, the age verification process.

The popularity of marketplaces is skyrocketing, but with more companies switching to the digital realm, both buyers and sellers encounter new risks related to different types of fraud and scams. So learning about the risks behind anonymity and determining which sellers are legitimate is crucial. Here, we talk more about how to stay safe from marketplace fraud from the buyer’s and the seller’s side.

Businesses should always be vigilant, whether it involves screening for sanctions, detecting suspicious account activity, evaluating merchant risk, or monitoring transactions. Thankfully, many of these processes can now be automated, helping payment processors stay compliant with the ever-changing AML requirements.

One particular requirement of the Bank Secrecy Act (BSA) is that financial institutions are obligated to report cash transactions exceeding $10,000 within a brief period, regardless of whether they occur in single or multiple transactions. Continue reading to gain a better understanding of the BSA and its potential impact on your company.

Are you a business that provides age-restricted services or products? Or perhaps you are someone who wants to understand how an age verification system works. Either way, in this blog post, we’ll provide a clear explanation of how you can verify the age of customers online, comply with regulations, and ensure security in a simple manner.

Before forming a new business relationship, financial institutions must evaluate what level of due diligence suits the new customer. Whether it’s an account opening process on a financial platform or a potential customer looking to purchase real estate, companies must determine how much risk an individual presents: low, medium, or high risk of money laundering or terrorist financing.