Stronger controls on traditional financial transactions and more effective systems to identify fraud and money laundering forces criminals to look for new ways to launder money. Often, digital channels and online platforms offer loopholes, especially for small payments. Microtransactions happen often below the radar of law enforcement and regulatory agencies. However, thousands of such small electronic payments can accumulate fast to significant amounts.
The 6th EU Money Laundering Directive aims to harmonize the criminal liability and the procedural requirements for the prosecution of money laundering in the EU countries and for international cooperation. What does that mean?
The cloud offers numerous possibilities for the financial sector, which should be used and is no longer just a hype of the FinTechs. Compliance- as a service (CaaS) is a solution worth considering.
Banks are spending resources to be able to comply with regulatory requirements. How can they remain competitive and innovative towards new market entrants, such as FinTech companies? A look on various innovation strategies.
virtual [ˈvəːtjʊəl] ‘not physically existing as such but made by software to appear to do so’ (Oxford Dictionary) While the concept of virtual banking products may seem brand new, virtual bank accounts have been on the market for about 20 years. New customer demands, stricter regulations, and the pressure for more cost efficiency are driving a new market momentum, which
At the risk of making it sound simple, RegTech is largely what its name implies: Regulatory Technology. That means the use of new technologies to facilitate compliance with regulatory requirements. In other words, RegTech aims to provide easy-to-integrate and cost-effective compliance solutions. Banks are currently facing the big challenge of coping with the flood of new regulatory requirements, which has