In the business world, ‘Know Your Client’ (KYC) is a term used to describe the process of verifying a customer’s identity and understanding their financial dealings. KYC requirements have become more important in recent years as businesses work to protect…
KYC2020 Corporate Communications
Understanding the Basics of AML Regulations
Anti-Money Laundering (AML) regulations are in place to help protect financial institutions from illegal activities. These regulations set out requirements for financial institutions to identify, monitor and report suspicious transactions that could be related to money laundering or terrorist financing.…
Understanding the Customer Identification Process
For any business, customer identification is a critical process. It’s essential to ensure that you are engaging with legitimate customers who are trying to purchase your products or services while at the same time protecting yourself from fraudsters. In this…
A Guide to Better Understanding KYC Procedures
KYC stands for “Know Your Customer” and refers to a set of procedures designed to help businesses identify, understand, and manage their customers. It is an essential tool for preventing fraud and money laundering. If you are a business owner…
Money Laundering Prevention Strategies for Your Business
Money laundering is a serious crime that can have devastating consequences. It involves taking illegally-sourced money and making it appear as if it were obtained from legitimate sources. Business owners need to take the necessary steps to ensure their company…
Managing The High Risk in Cannabis Business Banking
The very first step your financial institution must take when servicing the Cannabis business industry is to correctly identify if the business or the beneficial owner is high risk.
Solving The False Positives Paradox in Sanctions Screening
In sanctions screening, financial institutions constantly face a false positives conundrum: They can’t live with them, but they can’t live without them, either.
Navigating the AML Compliance Jungle: A Glossary of AML Terms
Confused by all those AML terms and acronyms? In this handy glossary, you’ll find over 120 common AML/CFT words, phases, and abbreviations, as well as a rundown of the major regulatory bodies dedicated to fighting AML/CFT.
Adverse Media Screening: How Do You Get It Right?
As adverse media screening (AMS) gets harder to do, setting your AMS system up right has never been more critical to your organization’s reputation, compliance, and workflow. It’s dammed if you do. Dammed if you don’t.
The KYC2020 Guide to PEP Screening: PEP Data and Screening Solutions
The KYC2020 Guide to PEP Screening: What features and technologies should you look for in today’s PEP data and screening solutions?