Verifying an address: More than just a document At first glance, verifying someone’s residential address might seem simple. However, when onboarding thousands—or even millions—of users globally, staying compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations adds layers of complexity. Whether you’re designing onboarding flows, selecting a vendor, or optimizing audits, knowing which
Introduction Money laundering is a growing global threat, enabling financial crime and undermining the integrity of legitimate financial systems and financial institutions. It facilitates illicit activities, such as drug trafficking and illegal activity, through tactics like shell companies, cash transactions, and electronic money to disguise dirty money as clean money. Criminals also exploit sectors like
What exactly is money laundering? In short, money laundering is the process of disguising the origins of money obtained through illegal activities so that it appears to come from a legitimate source. Money laundering occurs when a criminal enterprise or an individual involved in financial crime has a large amount of cash they want to
2023 has been a spectacular year for Veriff so far, with countless awards and industry analyst recognitions for the quality of our service, the speed of our innovation, and the way we are transforming what best-in-class looks like for our customers. Veriff has been recognized by industry analysts Gartner, Forrester, Liminal, Datos Advisory, Chartis Research,
A new survey has revealed that only 57% of UK financial services professionals are ‘somewhat confident’ in their anti-money laundering procedures. The same survey also found that 52% of respondents could cite an instance of money laundering in the last year. The good news is that the survey also shows how seriously financial services professionals
Although the overall number of anti-money laundering fines issued by HMRC has fallen by 19% in the past year, the sum of fines issued to estate agents has increased by an eye-watering 980%, according to the latest data. This means that, in 2021/22, estate agents in the UK were issued with AML fines totalling £772,618.
The German Finance Ministry has announced the creation of a new agency that will “follow the money” and prevent financial crime in the country. In announcing the new agency, Finance Minister Christian Lindner discussed Germany’s “reputation as a money laundering paradise.” In a statement, he added that “We have the courage for great success… With
Research has shown that art dealers, letting agents, and estate agents are currently driving an uptick in the number of UK businesses that are registering for anti-money laundering (AML) supervision with HMRC. According to the latest publicly available data, the total number of businesses signing up to HMRC’s AML register increased 0.9% from the financial
New research has revealed that criminals in the crypto world are laundering money by sending digital assets across blockchains. In doing so, they are bypassing a centralized service that can trace and freeze transactions. Estimates suggest that cybercriminals have stolen more than $100 million worth of non-fungible tokens (NFTs) within the past year. Added to this,
New research has revealed that criminals in the crypto world are laundering money by sending digital assets across blockchains. In doing so, they are bypassing a centralized service that can trace and freeze transactions. To facilitate this process, criminals are using so-called cross-chain bridges. One of these bridges has been used to launder at least
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