Terrorists running online fundraisers. Cryptocurrencies are their preferred payment method. A new challenge for compliance.
Compliance will remain a complex and fast moving business also in 2020 and this blog will keep covering and looking at relevant topics from different perspectives. Diverse articles have caught a great deal of attention last year – from virtual bank accounts to KYC versus KYT to gifts and benefits from business partners. Here a complete overview and summary of the most popular topics in 2019.
Digital assistants with Artificial Intelligence (AI) are on the rise in the financial sector.
One in three customers have no concerns using voice commands in banking. How a cutting-edge AI algorithm can lead to better control of sales management and higher business goals.
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.
While digitization is progressing, financial institutions are facing difficult tasks. Data is the new precious asset. New technologies must be implemented fast while the daily business runs on the existing system. But challenges are one of the best ways to spark innovation. Interdisciplinary teams have already been formed to embrace this transformation.
KYC is a central element in the customer onboarding process and the risk-based transaction monitoring. But how effective is KYC really for efficient transaction monitoring? The content of transaction data is often poorly suited to fully understand what the transaction is about. A closer look into how to better understand your transactions.
Despite elaborated systems, financial crime is still an omnipresent topic for many companies. The increasing popularity of so-called direct banks presents compliance with a new challenge.
At full throttle, the European Union is moving forward with the establishment of a legal framework to combat money laundering and terrorist financing. The 5th EU Money Laundering Directive was published in June 2018. Instead of the usual time frame of 24-months, member states are prompted to implement the 5th EU Money Laundering Directive into national legislation by January 10,
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