quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Why Financial Industry Needs KYC/AML Compliance?

Why Financial Industry Needs KYC/AML Compliance?

Banks and other financial institutions often serve financial criminals as a conduit for dirty money, facilitating the money laundering process. As the commencement of the digital age has seen paper cash overtaken by digital means, money laundering has adapted to this too and the financial industry has had to implement measures and security practices to combat this ever-growing threat. 

Illegally obtained cash cannot enter the mainstream economy unless ‘cleaned’, otherwise a paper trail is left behind to lead authorities to said criminal. This can be applicable to a plethora of criminal income, ranging from gambling and drug trafficking to investment fraud. Money laundering tends to follow three main steps- placement, layering and integration, spanning across depositing cash into a bank, passing through the ‘cleaning’ process and introduction into the legal economy. 

This is where KYC and AML compliance come in, as a strict set of rigid rules and regulations imposed by authorities on financial entities ensure protocol is followed and money-laundering is deterred, detected and prevented. 

Arm your organisation with the right knowledge to spot the red flags for money laundering in the finance sector

Global KYC AML Regulations

KYC policies require organisations operating within the finance industry to identify all customers and assess the potential risks they pose, alongside checking for prior involvement in financial crimes. AML, on the other hand, states that institutions are obliged to monitor and report all suspicious behaviour and activities that may allude to financial crime. This also entails appropriate maintenance of records pertaining to transactions and customer due diligence. Failure to comply with these listed regulations may incur legal and reputational risks, as well as financial penalties. 

But why has the rate of money laundering increased so dramatically in recent years? 

The dramatic spike in recent years can be ascribed to numerous factors. However, the ever-changing and turbulent landscape has had a knock-on effect on compliance – constantly changing in order to accommodate and mitigate the growing threats. This can prove difficult for companies, who may struggle to adhere to all regulatory requirements due to the constantly changing nature – it’s essential that you meet KYC  AML criteria for your business. For advice and solutions to ensure you meet global compliance, talk to one of our KYC experts now. 

Let’s take a look at some of the reasons why money laundering may be more prevalent now:

Globalisation 

The increasing interconnectedness of global financial systems and markets has created greater ease when it comes to transfers across borders, making it simpler to launder internationally. Bringing such crimes to justice can be difficult when law enforcement and authorities must amalgamate investigations across borders and jurisdictions. 

Technological Advancement

The substantial rise in online payment systems, cryptocurrencies and an array of other digital technologies have made it easier to convolute the source and destination of funds. The hit of Covid-19 in 2020, rampant across all corners of the world further facilitated this. As criminals leveraged this opportunity to exploit payment channels offered to consumers in the midst of lockdowns, such as ‘buy now, pay later’ schemes and the overall upsurge in online payment transactions – offering money launderers more means and methods, hence why this form of financial crime gained a lot of traction. 

Weak regulations

As regulation and regulatory bodies vary across countries and territories, financial crime is more prominent in areas with more lax and ineffective legislation and regulatory compliance pertaining to money laundering and other financial crimes, thus making it easier for criminals to move, disperse and clean illegally acquired cash throughout some financial systems. 

Increased criminal activity

As organised crime, drug trafficking and other crimes have risen in preceding years, all of the illegal money acquired through this has to once again be ‘cleaned’ before entering the legitimate and mainstream economy. In layman’s terms – more dirty cash means more cleaning.  

Political instability 

Often in times of political conflict and turmoil, alongside generally weak governments, money can be moved outside of the country and assets can be hidden with greater  ease from authorities. 

Increased reporting 

As we’ve seen more rules and regulations imposed on organisations operating in the financial sector, we’ve had a system in place to flag potential fraud and committed fraud – so more fraudulent activity is being effectively reported. 

Overall, money laundering is a multifaceted and complex challenge and requires ongoing cooperation between law enforcement, governments, regulative bodies, financial institutions and other authorities to corroborate efforts for effective fraud prevention – hence why strict KYC AML regulations are necessary. If something is in violation of national or international regulations or a suspicious transaction occurs, having a stringent and decisive set of rules and protocols streamlines efforts to quickly and  effectively flag and deter money laundering. 

Common Types of Fraud  in the Financial Industry

Before we delve into the most common types of fraud that occur within the financial sector, it’s critical that organisations understand the motive behind such crimes, in order to take proper  steps for mitigation. 

Clients and investors of financial institutions are the most common source of fraud and threaten the functionality and integrity of financial institutions and the wider financial ecosystem. The anonymity widely associated with financial crime is highly appealing to perpetrators, as identification is often a skewed process due to the use of stolen or fake identities. This further highlights the necessity of KYC AML checks, ensuring that all customers adhere and pass the required onboarding checks and identity verification – all of which fall within the realm of obligatory practices enforced by KYC and AML compliance. Verification of all clients and stakeholders is crucial in flagging possible high-risk clientele and fraudulent activities. 

Here are the most common types of fraud that occur within the financial industry:

Money laundering & terrorist financing 

Dirty money acquired by criminals must be cleaned and is often used to fund terrorist groups. Banks are not allowed to extend services to money launderers, in the event of a bank found to be involved with such illegal transactions they are fined as per AML regulations. 

Account takeovers 

Account takeovers are unfortunately extremely common within the finance sector. This is when a criminal takes control of a customer’s account via stolen credentials (passwords, PINs, etc.) and use it to steal money or make transactions through this account. The growing trend of biometric verification is largely attributed to this. 

Phishing scams 

Phishing scams are extremely common and refer to cyber-attacks executed through fake emails often sent to employees within financial institutions. If an employee falls prey to this scam, the cybercriminal will be able to gain access to confidential information and more. In light of this, it is critical that all organisations provide staff with adequate training in how to spot and avoid such scams, alongside robust firewalls.

Fake identities 

Criminals use fake identities to open accounts at financial institutions to conduct illegal activities, holding extremely negative consequences in store for any and all organisations involved. 

Research from the Insurance Information Institute found that 3 million identities were stolen in 2018 and 1.4 million of those stolen identities were fraud-related, 50% of those identities were stolen to conduct credit card fraud with banks and businesses.

Our 2022 ID Fraud Report reveals more alarming statistics pertaining to the current state of the fraud landscape within finance. 

  • The rate of ID fraud increased by almost 48% in 2022 – an all time high. 
  • UK Finance declared bank fraud “a national threat to security”. 
  • The first 6 months of 2022 alone saw the UK lose £609.8 million to digital banking fraud. 
  • 2022 marked the highest increase in ID document forgery at 24%. 
  • The most forged document was passports, followed by ID cards. 

Download Shufti’s 2022 ID Fraud Report here for more information on the nature of the fraud landscape and arm your business with the right tools and knowledge for effective fraud prevention. 

Regulations have evolved rapidly in recent years, so being knowledgeable in the ongoing trends can help your organisation make informed and effective decisions when conducting business operations, alongside choosing the right IDV providers to ensure compliance depending on your industry and location. 

Here are some recent KYC & AML trends provided by Shufti’s compliance experts: 

Increasing use of technology

Many banks and other financial institutions are adopting new and innovative technology like AI and blockchain to enhance KYC and AML process. This also entails machine learning, often employed to analyse customer data and flag suspicious transactions. 

Shifting focus on a risk-based approach

Regulators across the world  are stressing  the importance of a risk-based approach to KYC and AML, advising financial institutions to identify and prioritise highest risk customers and transactions and subject them to more thorough screening.

Enhanced due diligence

Enhanced due diligence is a prominent feature being enforced upon financial institutions, especially towards high-risk customers (e.g. politically exposed persons & those in high-risk jurisdictions).

Increasing scrutiny from regulators

KYC and AML procedures within financial institutions have been hit with increasing scrutiny from regulatory authorities, conducting more thorough and frequent inspections, alongside harsher non-compliance penalties. 

Collaborative efforts

There has been a greater call and requirement for collaboration between financial institutions to combat financial crime. Sharing of data, practices, reports, knowledge and resources in some cases.

For example, Sweden has taken this into stride with the incorporation of a centralised database:  

Nordic KYC Utility is a centralised database for digital KYC, created by 5 major Nordic banks. The database was successful in contriving greater transparency, identifying and tracking financial risks; and causing a notable reduction in development costs and decreasing maintenance charges for each banking organisation. Pooling their data together proved most effective in stopping financial crime- if you’re dabbling in financial crime at one bank, it makes it tremendously difficult to jump ship. 

Individual KYC services provided by each bank was stated to be more strenuous due to time consumption, expenses, general maintenance and upkeep. Customers also reported multi-formatted KYC services provided by different banks to be an inconvenience, Nordic KYC Utility completely eradicates this with its robust and uniformed layout for all participating financial institutions. 

Businesses need real-time KYC and AML verification solutions

As per the global AML and KYC regulations, financial institutions must perform KYC AML process in line with  compliance standards. The institutions that are liable for compliance under the KYC and AML regimes are banks, brokerage houses, insurance companies, forex exchanges, non-banks mortgage lenders, money transmitters, cryptocurrency facilitators, etc. 

How is online KYC and AML verification performed?

The API is integrated with the financial institutions existing systems. Every time a new user is onboarded or an end-user accesses their account verification is performed. Real-time identity verification is performed through in-depth screening of ID documents and face verification or biometric verification. Furthermore, documents and addresses are verified in real-time before onboarding a new client. Once the verification has been completed the end-user is granted access to the system of the financial institution. 

In the case of AML verification, the information of the end-user is screened against regularly updated databases that consist of global sanction lists, watchlists, and PEP lists.

What are the benefits of online KYC and AML verification solutions?

Fraud prevention

Online KYC and AML solutions help the financial institutions in preventing the risk that comes from a diverse clientele. Identity thieves and money launderers can be identified at the very first stage and help the businesses in serving only legitimate clients that pose a low risk.  

Regulatory compliance

Online KYC, such as e-IDV and AML verification solution helps financial institutions in catering to regulatory compliance. Correctly done, your organisation can diminish the risk of non-compliance penalties and uphold the integrity of your business. For example, Swedbank was recently fined for non-compliance and lost its market value, alongside  its credit rating. 

Customer onboarding

Online KYC and AML verification solutions help the financial institutions in onboarding clients with good credibility. Fast verification provides a seamless onboarding experience for customers and helps retain more happy clients. 

Here at Shufti, we onboard customers in as little as 30 seconds, whilst ensuring your industry requirements are met, alongside easy global compliance. Find out more on our award-winning KYC solution here. 

What happens when organisations fail to comply with KYC and AML regulations?

This may vary depending on the type of financial crime and the scale of the crime committed, but several outcomes are assured if an organisation is found to be affiliated with financial criminals. Here’s what could happen: 

  • Reputational damage 
  • Customers may leave and take their business elsewhere 
  • Investors may pull funding and become exceptionally wary of investing in the future 
  • Non- compliance fines & penalties 
  • Banks may be required to pay restitution to victims of the crime committed 
  • If the bank or its employees are found to have knowingly participated, this will lead to hefty fines, court and potential imprisonment 
  • Revocation of the banks licence to operate 

As regulations have become more stringent, we’ve seen many cases brought to the attention of the public eye, in regards to failure to comply. Let’s take a look at some of these cases: 

2012

HSBC: Faced a fine of $1.9 billion for failure of preventing money laundering committed by terrorist organisations and drug trafficking. HSBC also faced further investigations and fines for violation of sanctions against Iran and numerous other countries, alongside a number of other non-compliance issues. 

Standard Chartered: Similarly to HSBC, faced fines for violating sanctions against Iran and other countries, costing them $667 million for this disregard of AML regulatory requirements. 

2014

JPMorgan Chase: The failure to prevent Bernie Madoff’s Ponzi scheme landed JPMorgan with an astronomical fine of $2.6 billion. They also faced further investigation and fines for violating sanctions against other countries and other non-compliance issues. 

2016

Wells Fargo: Faced with a fine of $186 million for the creation of 2 million credit card accounts and deposits. They were investigated for an array of other issues, including non-compliance. 

2020

Goldman Sachs: Fined $2.9 billion for the part it played in the 1MDB scandal, helping raise money for the Malaysian government which was later found to be linked with corruption and money laundering. 

Wells Fargo: Fraudulent sales practices led to a £3 billion, as employees facilitated the creation of millions of unauthorised accounts to ensure sales quotas were met.  

2021

Danske Bank: Fined $130 million for involvement in Saudi Arabia bribery scheme and Italy, whereby improper payments were made to win over certain businesses. The bank was also fined $150 million for involvement in a money laundering scandal, enabling billions of dollars to be moved from 2007 and 2015 via its Estonian branch. 

Capital One: Fined $390 million for failure to report suspicious transactions.

NatWest: Plead guilty to three counts of failure to conduct adequate monitoring over a £365 million deposit paid into an account, majority of which was in cash, by a gold dealer. They were fined £265 million. 

2022

Santander: Fined £108 million for numerous issues relating to the risk of financial crime. 

Metro Bank: Fined £10 million for misleading investors and misreporting assets

KYC and AML compliance is inevitable for global financial institutions.  To summarise, these are the key points of KYC AML compliance regulations that every organisation in the financial factor should be well versed with:

  • Conduct identity verification on your customers before serving them
  • Customers should be screened against international sanction lists, terrorist lists, high-risk countries and PEPs (Politically exposed people)
  • On-going AML screening of clients
  • Proper record-keeping for the AML practices within the organisation
  • Any transaction above the “minimum cash transaction threshold” must be reported to the concerned authorities
  • Employee training and an integrated AML compliance program
  • Non-compliance fines and penalties 

Whilst this can be precarious ground to navigate, Shufti is here to help.  

For any further questions, advice or inquiries into our highly advanced suite of identity verification solutions, contact our team and experience our tools in action by scheduling a free demo.

b-banner-IDV in Ensuring Secure Gaming

Related Posts

Blog

Fight Fraud Proactively and Reduce Fake Customer Accounts With Shufti’s AI-powered ID Document Forgery Detection

Bank statements, land documents, and social security checks are frequently forged. Document forge...

Fight Fraud Proactively and Reduce Fake Customer Accounts With Shufti’s AI-powered ID Document Forgery Detection Explore More

Blog

KYC screening vs One time passwords – what’s good for your business?

Customer due diligence sometimes tests the nerves of strategists and compliance officers. With mu...

KYC screening vs One time passwords – what’s good for your business? Explore More

Blog

Understanding the Key Role of Risk Assessment in the Crypto Industry

Cryptocurrencies are becoming a hotspot for scammers to perpetrate financial crime. Over 46,000 i...

Understanding the Key Role of Risk Assessment in the Crypto Industry Explore More

Blog, Financial Crime / AML

AML Rules for Virtual Currency and Legal Sector – FATF 2019

Financial Action Task Force (FATF) is an inter-governmental regulatory authority. It was founded ...

AML Rules for Virtual Currency and Legal Sector  – FATF 2019 Explore More

Blog

Age Verification for Social Media – Protecting the Younger Victims of Online Scams

With a significant majority of students diverting from their usual school routines due to the COV...

Age Verification for Social Media – Protecting the Younger Victims of Online Scams Explore More

Blog, Online Marketplace

The Urgency for Know Your Customer’s Customer (KYCC) in Businesses

It is not just the financial services sector that is required to comply with anti-money launderin...

The Urgency for Know Your Customer’s Customer (KYCC) in Businesses Explore More

Blog

AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering

Cryptocurrency has been notoriously criticised for money laundering and other illicit activities ...

AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering Explore More

Blog

Video KYC – Answer to Digital Revolution in the Gulf Region & UAE

The digital revolution in the Gulf region and UAE has been a hot topic these days. The economic d...

Video KYC – Answer to Digital Revolution in the Gulf Region & UAE Explore More

Blog

5 Ways How AI Is Uprooting Recruitment Industry

Artificial Intelligence is strengthening its position in many industries and the recruitment indu...

5 Ways How AI Is Uprooting Recruitment Industry Explore More

Blog

Know Your Business (KYB) | Ensuring Financial Security

The Know Your Business solution standard verifies a company’s legal standing and confirms i...

Know Your Business (KYB) | Ensuring Financial Security Explore More

Blog

Lithuania’s AML Regulations – How the EU’s FinTech Hub Prevents Financial Crime

Emerging FinTech firms around the world spend almost one-third of their overall budgets on develo...

Lithuania’s AML Regulations – How the EU’s FinTech Hub Prevents Financial Crime Explore More

Blog

E-Learning Platforms and Prevailing Crimes – How Shufti Can Help

The global pandemic is prompting a phenomenal increase in online service. From doing groceries to...

E-Learning Platforms and Prevailing Crimes – How Shufti Can Help Explore More

Blog

Know Your Business – What Does it Mean & How can it Protect Your Company?

Businesses that offer their services to other businesses, instead of individual consumers, have t...

Know Your Business – What Does it Mean & How can it Protect Your Company? Explore More

Blog

Digital customer onboarding – Revamping onboarding process in banks

The first impression is what counts most when it comes to customer-oriented services. Banks and f...

Digital customer onboarding – Revamping onboarding process in banks Explore More

Blog

Blockchain and Identity Theft: Potential Challenges and how to Tackle Them

Blockchain has become increasingly popular because of its potential to provide secure transaction...

Blockchain and Identity Theft: Potential Challenges and how to Tackle Them Explore More

Blog

Protect Your Bitcoin Business With KYC Compliance

Even with a lot of resistance to its use as a form of currency, Bitcoin and its blockchain techno...

Protect Your Bitcoin Business With KYC Compliance Explore More

Blog

Elevated Business Security: A Comparative Analysis of Identity Proofing and Identity Verification

In today’s digital age, businesses must have a robust identity verification system in place...

Elevated Business Security: A Comparative Analysis of Identity Proofing and Identity Verification Explore More

Blog, Fraud Prevention

Identity Theft – One Fraud Multiple Facets

Identity theft is a global crime. All types of identities, including the financial, medical and b...

Identity Theft – One Fraud Multiple Facets Explore More

Blog

e-IDV: Improving Client Onboarding for Banks and FinTech

Individuals and business owners often face significant time constraints when visiting banks physi...

e-IDV: Improving Client Onboarding for Banks and FinTech Explore More

Blog

Leveraging Age Assurance for Data Privacy and User Protection

Online age verification has gained great attention in recent years since many minors have been se...

Leveraging Age Assurance for Data Privacy and User Protection Explore More

Anti Money Laundering, Blog, Financial Crime / AML

Why PEPs are High Risk and a Threat To Your Business?

In the Financial and Trade industry, you may have often heard the term PEPs and the importance of...

Why PEPs are High Risk and a Threat To Your Business? Explore More

Blog

Initial Exchange Offerings (IEOs) – A Detailed Insight

The advent of the Crypto industry brought decentralized and innovative fundraising ways. One of t...

Initial Exchange Offerings (IEOs) – A Detailed Insight Explore More

Blog

Transaction Screening: The Benefits and Challenges

Financial crimes are rising, wreaking havoc on organisations and individuals. The fraud rate has ...

Transaction Screening: The Benefits and Challenges Explore More

Blog

Intelligent Character Recognition (ICR) Software – One step ahead of OCR

What is ICR? Intelligent Character Recognition (ICR) is an extended technology of Optical...

Intelligent Character Recognition (ICR) Software – One step ahead of OCR Explore More

Blog

Supplementing blockchain with KYC offers endless possibilities

While you may be tempted to think that decentralized and anonymous blockchains are safe because t...

Supplementing blockchain with KYC offers endless possibilities Explore More

Blog

Perpetual KYC: The Future of Due Diligence in the Financial Industry

Digital transformation is paving the way for quick growth in the compliance sphere. However, regu...

Perpetual KYC: The Future of Due Diligence in the Financial Industry Explore More

Blog

Top 7 COVID-19 Related Scams and Frauds to Look For in 2021

It has been more than a year since the COVID-19 pandemic took the world by storm. Where the globa...

Top 7 COVID-19 Related Scams and Frauds to Look For in 2021 Explore More

Blog

AML Screening – Why Real Estate is an Easy Target for Money Launderers

The strong link between money laundering and the real estate industry is becoming a global concer...

AML Screening – Why Real Estate is an Easy Target for Money Launderers Explore More

Blog, Online Marketplace

KYC for customer on-boarding in Telecommunications Industry

Identity Verification is quite necessary for Telecommunications Industry in today’s digital...

KYC for customer on-boarding in Telecommunications Industry Explore More

Blog

Fintech 2021 – A Brief Insight of Global KYC Regulations

Financial services are among the most heavily regulated sectors in the world, and the number one ...

Fintech 2021 – A Brief Insight of Global KYC Regulations Explore More

Blog, Business Technology

Why is Libra Cryptocurrency The Most Trending Thing Right Now?

The universe of crypto revolves around an aversion to a central financial authority. The financia...

Why is Libra Cryptocurrency The Most Trending Thing Right Now? Explore More

Blog, Financial Crime / AML

What is PEP Compliance and Why do Financial Institutions Need it?

For Politically Exposed Persons (PEPs), an inter-governmental body established in 1989, Financial...

What is PEP Compliance and Why do Financial Institutions Need it? Explore More

Blog

A Deep Dive into Know Your Business Verification

Customer verification is essential for all businesses to onboard legitimate customers, but what a...

A Deep Dive into Know Your Business Verification Explore More

Blog

The Looming Threat of Deepfake Apps for the Financial Industry

Deepfakes gained prominence back in 2017 when an anonymous Reddit user manipulated Google’s open-...

The Looming Threat of Deepfake Apps for the Financial Industry Explore More

Blog

Optical Character Recognition (OCR) | Pushing the Boundaries of Data Extraction

There is a surging demand for swift and remote identity verification methods in our digital world...

Optical Character Recognition (OCR) | Pushing the Boundaries of Data Extraction Explore More

Blog

Ensure Digital Security with e-KYC Solutions

In today’s world where the distances have been reduced considerably with the advancement of techn...

Ensure Digital Security with e-KYC Solutions Explore More

Blog

Shufti’s Address Verification Service – A Key Step in Digital Identity Verification

The rapidly developing technology of today is altering how consumers browse for things online. Th...

Shufti’s Address Verification Service – A Key Step in Digital Identity Verification Explore More

Blog

Revolutionizing the Finance Sector | VKYC’s Impact on Identity Verification in 2024

Identity verification is crucial in today’s ever-evolving digital landscape as it helps prevent i...

Revolutionizing the Finance Sector | VKYC’s Impact on Identity Verification in 2024 Explore More

Blog

Biometric Authentication is Smart but AI Makes it Smarter – Here is How

 In the ongoing digital age security is a top priority concern of any organization. Data is a maj...

Biometric Authentication is Smart but AI Makes it Smarter – Here is How Explore More

Blog, Identity & KYC

Why You Need To Know Your Buyer

Online payments are fast replacing cash transactions with the top payment companies harboring 1bi...

Why You Need To Know Your Buyer Explore More

Blog

A Brief Insight into Crypto Regulations in the Asia-Pacific Region

The Asia-Pacific region is one of the areas with the highest rate of crypto adoption. Considering...

A Brief Insight into Crypto Regulations in the Asia-Pacific Region Explore More

Blog

Optical Character Recognition (OCR) | Pushing the Boundaries of Data Extraction

There is a surging demand for swift and remote identity verification methods in our digital world...

Optical Character Recognition (OCR) | Pushing the Boundaries of Data Extraction Explore More

Blog

How Does Digital Identity Verification Work For Income Verification

With the help of income verification documents, organisations can restrict the onboarding of high...

How Does Digital Identity Verification Work For Income Verification Explore More

Blog

Top 5 Cryptocurrency Trends to Look Out for in 2023

2022 has been one of the most turbulent years for the cryptocurrency sector. For starters, Bitcoi...

Top 5 Cryptocurrency Trends to Look Out for in 2023 Explore More

Blog, Identity & KYC

Digital KYC Streamlines Customer On-boarding Process

Shufti brings forth digital KYC verification services to perform identity verification proces...

Digital KYC Streamlines Customer On-boarding Process Explore More

Blog

AUSTRAC’s ML/TF Risk Assessment 2021 – Other Domestic Banks Report [Part 2]

Australia is an important member of the Financial Action Task Force and plays a substantial role ...

AUSTRAC’s ML/TF Risk Assessment 2021 – Other Domestic Banks Report [Part 2] Explore More

Anti Money Laundering, Blog, Business Technology, Financial Crime / AML, Fraud Prevention, Identity & KYC

Initial CCPA Compliance Costs Could Hit $55 Billion: Report

According to an economic impact assessment prepared for the state attorney general’s office by an...

Initial CCPA Compliance Costs Could Hit $55 Billion: Report Explore More

Blog

FINMA Report Indicates Unchanged Cybercrime and Money Laundering Risks

Money laundering, identity theft, and various other cyberattacks risk have been elevated over the...

FINMA Report Indicates Unchanged Cybercrime and Money Laundering Risks Explore More

Blog

An Insight into Online Dating Scams – How Identity Verification Helps

The impact of Covid-19 on businesses and the physical, mental health of individuals has been stre...

An Insight into Online Dating Scams – How Identity Verification Helps Explore More

Blog

NFTs, Art Market – What Investors Need to Know About ID Verification

In recent years, Non-Fungible Tokens (NFTs) have gained global attraction from individuals as wel...

NFTs, Art Market – What Investors Need to Know About ID Verification Explore More

Blog

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV?

Ever since Mark Zuckerberg changed Facebook’s name to Meta, the acronym “metaverse” has taken ove...

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV? Explore More

Blog

Identity Verification entails a lot more than customer verification

Identity theft and digital fraud are on the rise. Cybersecurity is of essence for all the organis...

Identity Verification entails a lot more than customer verification Explore More

Blog

Facial Recognition | The Principles of Responsible Use and the Legal Landscape

One of the most popular uses of AI nowadays is facial recognition. In all likelihood, it’s ...

Facial Recognition | The Principles of Responsible Use and the Legal Landscape Explore More

Blog

The State of Money Laundering in The United States – How Shufti Can Help

The United States of America is among the first countries that took effective measures to fight f...

The State of Money Laundering in The United States – How Shufti Can Help Explore More

Blog

COVID-19: An opportunity for financial sector to expand digital transformation

A sudden epidemic swept across the world, and it had an impact on our lives, work, and even the p...

COVID-19: An opportunity for financial sector to expand digital transformation Explore More

Blog

Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering?

As regulatory authorities are seizing the yachts and real estate belonging to Russian oligarchs, ...

Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering? Explore More

Blog

Anti-Smurfing Solutions | Safeguard Your Business Against Money Laundering Risks

Businesses are under constant threat of financial damage. This is primarily because cybercriminal...

Anti-Smurfing Solutions | Safeguard Your Business Against Money Laundering Risks Explore More

Blog

May 2023 Recap: Major Security Breaches and Penalties

May 2023 witnessed several security breaches wreaking havoc on the digital landscape. High-profil...

May 2023 Recap: Major Security Breaches and Penalties Explore More

Blog

The Top Customer Onboarding Tips for Businesses

Today every business is competing to boost their retention rate and offer their audience a secure...

The Top Customer Onboarding Tips for Businesses Explore More

Blog

DoorDash Falls in the pit of Data Breach – Affects 4.9 Million Users

Security breaches are increasing in number with every passing day. This keeps on happening. It wo...

DoorDash Falls in the pit of Data Breach – Affects 4.9 Million Users Explore More

Blog

Trade based money laundering – Challenges, detection and prevention

Back in 2006, Financial Action Task Force (FATF) emphasised on new measures and strategies for ba...

Trade based money laundering  – Challenges, detection and prevention Explore More

Blog, Financial Crime / AML, Fraud Prevention, Identity & KYC

The FinTech Industry: A Snapshot

What is FinTech? Financial technology, known more commonly as FinTech, is a term that refers to t...

The FinTech Industry: A Snapshot Explore More

Blog

Cyber Monday Scams on the Rise Due to COVID-19

Thanksgiving – a day that reminds us of all the bounties of Mother Nature that we should be...

Cyber Monday Scams on the Rise Due to COVID-19 Explore More

Blog

Open Banking Trends & the Vitality of Identity Verification

With rapid digitisation, open banking is becoming the new normal in the banking sector. Open bank...

Open Banking Trends & the Vitality of Identity Verification Explore More

Blog

Talent Acquisition Fraud – Hiring Legitimate Candidates with Identity Verification

Along with the rise in virtual and remote work, the number of cases of recruitment fraud is incre...

Talent Acquisition Fraud – Hiring Legitimate Candidates with Identity Verification Explore More

Blog, Financial Crime / AML

Global AML Regimes – Tightening Reins on Money Launderers

Money laundering is a global menace. Money laundering and terrorist financing are the major targe...

Global AML Regimes – Tightening Reins on Money Launderers Explore More

Blog

Facial Recognition Kiosks: A Modern Innovation in the Food Industry?

Background of Technological Advancement Technology is regarded as a new way of thinking or doing ...

Facial Recognition Kiosks: A Modern Innovation in the Food Industry? Explore More

Blog

5 Key Regulatory Updates for the Banking Sector in 2021

The pandemic disrupted operations in the banking sector and the criminal activities significantly...

5 Key Regulatory Updates for the Banking Sector in 2021 Explore More

Blog

Affiliate Fraud Detection | How to Prevent it in 2024

Affiliate marketing is growing at an exceptional rate, worth $17 billion by the end of 2023, and ...

Affiliate Fraud Detection | How to Prevent it in 2024 Explore More

Blog

Crypto Regulations 2021 – What Digital Currency Providers Need to do

Cryptocurrency has been a hot topic ever since its advent in 2009. The ability to draw investor a...

Crypto Regulations 2021 – What Digital Currency Providers Need to do Explore More

Blog

Know Your Business (KYB) | Ensuring Financial Security

The Know Your Business solution standard verifies a company’s legal standing and confirms i...

Know Your Business (KYB) | Ensuring Financial Security Explore More

Blog, Reg Tech

EU’s 4th AML Directive Aims to make the Payment Ecosystem Crime Free

On June 26, 2018, the European Union landed the fourth AML directive that is targeted at combatin...

EU’s 4th AML Directive Aims to make the Payment Ecosystem Crime Free Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started