For banks, lenders, and other financial institutions, know-your-customer/know-your-client (KYC) compliance is essential. The United States, the United Kingdom (UK), the European Union (EU), and other global authorities have put strict KYC regulations in place in recent years. These rules are designed to combat money laundering, fraud, terrorism financing, and other illicit activities. All financial entities […]

Banks, lenders, and other financial institutions are subject to several different complex regulations. KYC (know-your-customer/know-your-client) rules and AML (anti-money laundering) rules are two of the most important regulations that financial entities must comply with. You may hear KYC and AML referred to together, but it is important to understand that these are two separate regulations. […]

Over the last several decades, the global community has come together in an effort to stop terrorism. A large part of the focus has been on stopping and responding to the financing of terrorist activities. CFT regulations (Countering the Financing of Terrorism/Combating the Financing of Terrorism) are among the most powerful and effective tools that […]

In the U.S. alone, roughly $300 billion is laundered each year, and this represents about 15-38% of the money laundered globally. Money laundering is a growing issue and the amount of money that can move through a single laundering operation is significant. Because of this, security measures, such as AML, should be in place to […]

Money laundering poses a major dilemma for businesses of all shapes and sizes. It is estimated that over $300 billion is laundered in the U.S. each year. While the regulations aimed at reducing financial fraud can seem quite complicated, there are electronic solutions available that reduce the burden on businesses by increasing reliability and reducing […]

Countries all around the globe are putting stronger regulations in place to stop money laundering, financial fraud, terrorism funding, and other illicit activities. New Zealand is certainly no exception. The island nation of 5 million in the southwestern Pacific has some of the most comprehensive and well-developed financial regulations in the world. In recent years, […]

The cryptocurrency market continues to grow. According to a report from Fortune Magazine, the total value of the global cryptocurrency market hit $2 trillion earlier this year. Cryptocurrency exchanges—the platforms on which you can buy, sell, and trade crypto—are becoming an ever more important part of global financial markets. There are many opportunities out there […]

Cryptocurrencies are an increasingly popular financial asset. According to data provided by CoinMarketCap, the total global value of cryptocurrency exceeds $1 trillion in June of 2022. While there are more than 15,000 cryptocurrencies, the most prominent digital currency—Bitcoin—still accounts for nearly half of the total value of global crypto-assets. Gone are the days when Bitcoin […]

Companies and organizations need to know exactly who they are doing business with. Beyond protecting their financial interests in a general sense, companies and organizations must comply with all applicable KYC regulations and anti-money laundering (AML) policies. KYC is especially important for firms that offer any sort of financial services—although the principles extend to many […]

Know Your Customer (KYC) is a set of internal identity verification procedures for confirming the actual identity of a potential new customer before opening an account or processing applications for major financial transactions. KCY Verification plays a significant role in the fight against financial crime. Here’s what you need to know about KYC, who needs […]