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Financial institutions have an obligation to stop laundered money from entering the financial system. As well as understanding what money laundering is and how it occurs, your business must have proper money laundering detection systems in place. It must also know about the signs of money laundering and how these should be dealt with. To help
In order to fight money laundering, the financing of terrorism, and other forms of financial crime, your business must have a series of anti-money laundering procedures in place. Here, we’ll outline 7 anti-money laundering procedures your business must deploy. We’ll cover why each is so important, and the steps you need to take to ensure
Synthetic identity fraud, which is also sometimes referred to as synthetic identity theft, occurs when a fraudster uses a fake or altered identity in order to fraudulently make an online account, or make a purchase. To create fake identities, fraudsters usually use a blend of real and fake information. The real information used by a fraudster
KYC and AML are both vital for compliance in the banking sector. When a bank establishes a new business relationship with a customer, they must carry out a number of checks to make sure the person is real and is not attempting to launder money. To do this, they complete a number of KYC and
Facial recognition technology can help your business identify or verify an individual’s identity using a scan or a photo of their face. This process is most commonly carried out using a photo the individual submits. However, faces can be identified within crowd/CCTV shots and from videos. Facial recognition is a category of biometric security. Other
KYC stands for know your customer. In essence, KYC is a due diligence process that financial companies must follow in order to verify the identities of their customers and assess risk. KYC laws aim to reduce fraud, money laundering, and terrorist financing. But, what are the main KYC requirements and how can companies ensure they
Regulated entities must use KYC processes to confirm the identities of their customers. These processes can also help businesses accurately measure the risks associated with entering a business relationship with each customer. However, different KYC services suit different purposes, and each has a different goal. To help you understand which KYC services your business needs
Optical character recognition (OCR) technology can save your business time, money, and effort. This is because OCR uses automated data extraction and storage capabilities that can improve the accuracy of data input and create quicker file digitization processes. OCR is sometimes referred to as text recognition. This is because OCR programs are commonly used to
If the amount lost to cybercrime was measured as a country, the global cost, which topped $6 trillion USD globally last year, would be the world’s third-largest economy after the U.S. and China. In fact, the yearly costs inflicted by cybercrime could reach as much as $10.5 trillion by 2025. With this in mind, it’s easy to see
Facial recognition is a way of verifying the identity of an individual. A form of biometric identification, facial recognition uses technology to identify and recognize a human face. Facial recognition systems are pieces of technology that are capable of matching a human face to a particular face within a database, or to a stored image
