ID Verification: What Is the AML Process in Banking?

View of several skyscraper banks from the outside looking in: AML in banking

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 […]

How Long Do AML Checks Take?

A wrist watch sitting on a table: how long do AML checks take?

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 […]

Tackling Money Laundering in New Zealand: Phase 2 of New Zealand’s AML/CFT Laws

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 Importance of KYC for Crypto Exchanges

Gold Bitcoin on a laptop: the importance of KYC for cryptocurrency exchanges.

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 […]

KYC and Bitcoin: What You Need to Know

Bitcoins and U.S. dollar bills: KYC, bitcoin, and what you need to know.

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 […]

What Are the Steps in the KYC Verification Process?

Man holding phone viewing bank account: Steps in the KYC verification process.

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 […]

CCPA Compliance Requirements & What You Need to Know

Caution cone on a keyboard symbolizing the importance of protecting online date: CCPA Compliance Requirements and What You Need to Know

Any company or business operating in California and collecting personal information from customers or clients residing in the golden state must comply with the California Consumer Protection Act (CCPA). This also applies to companies or businesses headquartered in or operating from another state or country. Considered one of the strictest privacy laws in the United […]

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