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Press Release

Shufti Pro to Attend Sopra Banking Summit for Highlighting the Future of IDV in FinTech

Richard Marley
September 08, 2021
3 minutes read
14484

Originally Published on PR Log

03 September 2021, London, UK – Sopra Banking Software (SBS), a global leader in financial technologies, will be holding its first Banking Summit from October 18 to 22, 2021.

The week-long global Summit will feature 1,500 financial institutions and 100+ FinTech companies from 80 countries. Shufti Pro, (https://shuftipro.com/), the emergent leader in the identity verification industry, will also be attending the Summit along with other prominent names to engage in dialogue about the role played by AI-powered identity verification solutions in the FinTech industry.

The Sopra Banking Summit will include 45+ sessions on 5 different categories, namely digital banking, payments, automotive lending, digital lending, and a broader stream that covers relevant market topics such as Cloud, financial inclusion, and cybersecurity. Attendees will have the chance to get involved in the banking industry’s most critical issues.

The virtual sessions will be held in various formats, including general discussions, roundtables, demos and workshops, where 25+ key industry leaders will be sharing their strategic vision on the future of the FinTech sector. Sopra Banking clients will also have the opportunity to avail one-on-one meetings with both the C-Level and innovation teams and premium access to product roadmap presentations.

“We believe that the future of finance is collaborative. And we’re excited to bring together a diverse group of experts to share insights and plans for the future”, states SBS.

The company also hopes to conduct physical events such as in-person workshops and private dinners across the globe, provided the current health emergency is normalised.

About Sopra Banking Software

Sopra Banking Software is the partner of choice for more than 1,500 financial institutions worldwide. The rich variety of our solutions, the strength of our conviction and our passion for innovation enable us to support our clients on a daily basis and in their future projects, as well as in their goals regarding financial inclusion. Our customers, based in over 80 countries around the world, benefit every day from our technologies and software, as well as the expertise of our 5,000 employees. Sopra Banking Software is a subsidiary of the Sopra Steria Group, a European leader in consulting, digital services and software development. With more than 46,000 employees, the Sopra Steria Group generated a turnover of €4.3 billion in 2020.

About Shufti Pro

Shufti Pro is a global identity verification services provider. It offers digital KYC, KYB, AML and face verification services globally. It leverages human intelligence and artificial intelligence in its technology to provide highly effective and accurate services. Shufti Pro verifies identities within seconds on average, with 98.67% accuracy. It has verified users in 230+ countries and territories.

For more information, contact:

Damien Martin

Marketing Executive

Company Name: Shufti Pro

Contact Number: +44 01225290329

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

Latest News

News
Russian Financial Authorities Reach Consensus on Crypto Mining Regulation
About Sopra Banking Software
About Shufti Pro
Russian financial authorities have adopted a common ground on cryptocurrency mining regulation. The Prime Minister asks CBR, the Federal Tax Service and other departments to elaborate a mutual position on digital currency circulation.

The central bank, major government institutions of Moscow, and the finance ministry have agreed to regulate the mining of digital coins in Russia. CBR and Minfin are working on digital currency regulation for the sake of the market’s development. The industry has been expanding in Russia as a source of additional income and a profitable sector for numerous Russians.

Parliamentary Financial Market Committee’s chairperson Anatoly Aksakov announced that draft legislation introducing regulations for the sector would be handed over to the State Duma shortly. As per RBC Crypto, the chairperson said, “In the near future, the bill will appear in the State Duma, we will work to pass it faster.”

Aksakov believes that regions with copious energy resources should be allowed for crypto mining while the ones that experience shortages should be prohibited.

Prime Minister Mikhail Mishustin asked the central bank of Russia and other departments to elaborate a common ground on cryptocurrency circulation.

With the participation of CBR, the Russian government’s head had also ordered the Finance Ministry to submit a consensus agreement for developing the market for DFAs.

CBR and the finance ministry will update the strategy to develop the Russian Financial Market. The prime minister said that the document’s revision is needed, and it must be done as per President Vladimir Putin’s instructions as well as the current geopolitical situation.

For a significant time period, cryptocurrency regulation has been under discussion by Russian authorities with the CBR and Minfin with opposite opinions. The Central bank proposed a complete ban.

However, the two regulators agreed that there is a need for cross-border crypto payments in Russia to deal with the pressure that Western restrictions have exerted on foreign trade.

Suggested Read: SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks

Recent Posts

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NFT Trading and Money Laundering - How Shufti Pro’s AML Screening Helps Combat Financial Crimes
About Sopra Banking Software
About Shufti Pro
With revolutionary technologies and growing digitization, the digital version of artworks known as Non-Fungible Tokens (NFTs) has emerged. In the past, wealthy business tycoons used to make expensive purchases of art and antiquities and they are now preferring to engage in virtual assets. NFTs have created a whole new trend of buying and selling digital creations, which is picking up the pace, and it is estimated that its market cap could touch $80 billion by 2025. NFTs are blockchain cryptographic assets with unique identification codes that distinguish them from each other, and unlike cryptocurrency, they cannot be traded at an equal level.

With all the investments and business opportunities in the NFT market, it is also associated with high risks of money laundering and other financial crimes. Unlike the financial sector, particularly banks and insurance companies, the NFT market doesn’t have strict Anti-Money Laundering (AML) regulations which have made it a safe haven for scammers. It is a well-established fact that NFTs are here to stay, and it is the need of the hour to develop a comprehensive framework for this sector, curbing money laundering and terrorist financing.

Rising Risks of Money Laundering in the NFT Market

Since the beginning of the advanced financial system, money laundering has remained a serious concern for law enforcement authorities. Criminals use a variety of sophisticated techniques to manipulate the system converting their illicit money into legal assets. NFTs have been around for more than a decade but no considerable actions have been taken yet to halt the abuse of these digital tokens leading to financial crimes, mainly money laundering and terrorist financing. The sale and purchase of NFTs mainly involve the use of cryptocurrencies, and the decentralized nature of the crypto market has made it difficult for regulatory agencies to halt crimes.

In just one year, from July 2021 to July 2022, more than $100 million in NFTs have been stolen through various scams. The volatile prices of NFTs have made them attractive for money laundering purposes where scammers induce illicit money, particularly from drug business or human trafficking, into the pool and hide it by making purchases of digital tokens. The global regulatory authorities, mainly Financial Action Task Force (FATF), Interpol, and European Union (EU), have highlighted the risks of money laundering through digital assets and instructed all member-states to legislate laws eliminating the chances of monetary crimes.

High-Profile Crime Cases in the NFT Market

There was a time when only wealthy business tycoons and corrupt politicians were involved in money laundering, but now individuals and gangs on smaller levels are using fraudulent techniques to disguise their illicit earnings. Several cases of money laundering through NFTs have surfaced in the recent past, and all the major jurisdictions are taking strict action to bring criminals under the law.

Two Defendants Charged In NFT Fraud And Money Laundering Scheme

Law enforcement authorities in the US have arrested two criminals involved in wire fraud and money laundering in connection with a million-dollar fraudulent NFT scheme. The investigations have found that scammers were convincing users to invest in digital assets and promising them high profits. In this way, they managed to generate a profit of $1.5 million which they were laundering to other countries by investing in cryptocurrencies. The criminals have been charged in the fraud scandal, and the court is yet to decide their penalties.

HMRC UK Seizes NFTs in £1.4m Fraud Case

UK tax authority, HM Revenue and Customs (HMRC), arrested three people who were hiding drug money of £1.4 million using NFT purchases. The Police have further revealed that criminals were using sophisticated methods like stolen identities, false addresses, unregistered mobile phones, and fake invoices to disguise their original identities. HRMC stated that it had seized three digital artwork NFTs which were being used for illegal investments. The investigations are still going on to track down more fraudulent transactions involved in the case.

Global Regulatory Authorities Monitoring Money Laundering Through NFTs

Due to the rising number of financial crimes using cryptocurrencies and NFTs, global regulatory authorities are working to form a joint framework to mitigate the risks of money laundering and terrorist financing. In the wake of this, the majority of the countries are legislating strict Anti-Money Laundering (AML) laws to regulate the NFT market.

US

The Financial Crimes Enforcement Network (FinCEN) is the primary authoritative body in US monitoring money laundering and terrorist financing. FinCEN has issued a detailed report highlighting the vulnerabilities of NFTs to financial crimes. The report has also mentioned that ease of transportability across international borders and accepted use of third parties to purchase and sell digital assets have helped criminals stay anonymous. FinCEN has instructed all the NFT platforms to implement strict Know Your Customer (KYC) and AML regulations halting criminal activities.

Canada

The Canadian Securities Administrators (CSA) has issued a notice to all the NFT platforms to ensure strict scrutiny of their users while onboarding. Although Canada is yet to legislate laws against money laundering in the NFT market, it is treating the cases under the other laws related to financial crimes. CSA has also highlighted the need for dedicated NFT laws to regulate the whole industry and curb monetary scams.

Australia

Australia is one of the countries that is taking strict action against prevailing crimes through NFTs and cryptocurrency. Australian Transaction Reports and Analysis Centre (AUSTRAC) has termed non-fungible tokes as a source of emerging financial crimes and asked lawmakers to legislate strict laws to monitor this sector. Moreover, Australian Federal Police (AFP) has formed a dedicated unit to tackle money laundering through NFTs and cryptocurrency, which has recently busted a large number of criminal networks.

Eradicating Money Laundering in NFT Market Through AML Compliance

Since 9/11, all the global financial watchdogs have highlighted the need for strict anti-money laundering measures in the financial sector due to the rising risks of terrorist financing. Although NFTs are new in the digital market, they have a good potential for investment and business. In recent years, several billion-dollar deals of digital tokens have surfaced, encouraging the wealthy elite to invest here and make profits. Due to the decentralized nature of NFTs, it has become mandatory for all key stakeholders, particularly global organizations and NFT suppliers, to incorporate anti-money laundering measures. FATF, EU, and Interpol have accumulated vast data of financial criminals in the form of sanctions lists which must be consulted while onboarding investors on the platform. Ensuring strict AML compliance can certainly reduce the rising crime ratio in the NFT market and secure investments of sophisticated users.

What Shufti Pro Offers?

Eradicating financial crimes, particularly terrorist financing and money laundering, is crucial for the NFT market. The use of digital tokens is rising globally, and it is the right time for companies to invest in AML and KYC solutions to ensure the security of their users.

Shufti Pro’s state-of-the-art AML screening solution has access to 1700+ sanctions lists and screens data against them while countering criminals. Powered by thousands of AI algorithms, Shufti Pro’s AML solution is efficient enough to generate output in less than a second with 98.67% accuracy.

Want to get more information about AML solutions for the NFT market?

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Shufti Pro to Attend Sopra Banking Summit for Highlighting the Future of IDV in FinTech

About Sopra Banking Software

About Shufti Pro

Rising Risks of Money Laundering in the NFT Market

High-Profile Crime Cases in the NFT Market

Two Defendants Charged In NFT Fraud And Money Laundering Scheme

HMRC UK Seizes NFTs in £1.4m Fraud Case

Global Regulatory Authorities Monitoring Money Laundering Through NFTs

US

Canada

Australia

Eradicating Money Laundering in NFT Market Through AML Compliance

What Shufti Pro Offers?

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.