Any business that deals in money and financial assets should start with a Risk Assessment for Money Laundering, Human Trafficking, and Terrorism funding. This includes firms that deal in cryptocurrency, payments, remittances, real estate, and other high-value commodities. AML Risk…
As part of any AML compliance regime, the first step is to do an assessment of the risk associated with the business according to regulatory requirements. The Risk Assessment, or RA, takes into account a large scope of the business…
`After researching for a while when I first came to the KYC2020 team, I realized that money laundering was a hugely complicated problem for countries and financial systems. I discovered that anti-money laundering compliance and vigilance is more of a…
I’ve been writing this Newcomer’s Guide to the AML Galaxy for a while now and I’ve written a line over and over again, “Failure to comply with AML regulations has serious consequences.” But I’ve never gotten into any specifics. Yes,…
When I was hired on to help KYC2020 with their marketing strategy, I was completely new to the concept of AML complaince solutions. I never thought seriously about the threat of money laundering. Nor had I thought about what steps…
New payment innovators, FinTech, Virtual Currency exchanges, and MSBs face the challenge of not knowing which sanction lists they should be screening for AML compliance. Their compliance programs often lack a risk-based approach to sanction screening, resulting in tremendous cost…
As technology becomes an ever larger part of our lives, the way we handle money is changing. For years now, FinTechs have been at the frontlines of this changing landscape, by providing customers with better, faster and more inclusive financial…
At the first ever Canadian Regtech Association (CRTA) event, attendees watched a variety of presentations related to Regtech. One of these topics included cases for utilizing AI and Machine Learning to reduce the burden of AML compliance. Use Cases Included:…