Knowing that your very identity is being transferred right now across the dark web is highly discomforting. Unfortunately, it’s also highly likely. The fraudulent use of passport photos, addresses and phone numbers has been around for a long time, and in the public eye, but the newer incarnation – synthetic identity fraud – is a … Continued
Despite it being the norm, the thought of interval-led know your customer (KYC) every few years seems extremely outdated. Crime never sleeps and customers transact around the world at any time of day. Illicit payments and people can infiltrate the system at any point. Presiding over the comings-and-goings continuously is paramount to every modern financial … Continued
Tax evasion is a drastic action often well beyond mere ‘avoidance’. The illegal dodging of tax payments costs countries half a trillion dollars a year, all because individuals and companies preemptively exploit tax loopholes for financial gain. While tax evasion is already a crime, the veiling of identities or payments often covers other areas of … Continued
Given today’s globalisation, it can be easy to forget how disconnected finance once was. You do not have to go far back to remember the difficulties in wiring transfers across borders. Today, for e-commerce, investing or otherwise, international finance is instant for the modern customer. And with that, there are plenty of holes for criminals … Continued
A rise in customers is always welcome. It’s a shame that it can cause more problems than success for some financial institutions (FIs). With greater power comes greater responsibility. In this case, meeting customer demand with more complex and costly compliance requirements is necessary to protect the identities of legitimate clients and spot wrongdoing consistently … Continued
Since being greylisted by the Financial Action Task Force (FATF) for quite some time, South Africa is close to an audit of its well-deserved delisting effort. The operative term here is ‘audit’; the first step toward greylisting removal is an inspection to deem the effectiveness of anti-money laundering (AML) and counter-terrorist financing (CTF) measures – … Continued
Money laundering remains one of the world’s most pervasive financial crimes, hiding in plain sight despite decades of anti-money laundering (AML) regulations. Popular culture may dramatise embezzled funds on TV, but the reality is far worse: an estimated $5 trillion is laundered through the world’s banks every year. While the numbers are staggering, they don’t … Continued
The introduction of fintech – an umbrella term for a range of payments providers, lenders, non-banking services, and more – has seen a proliferation of accessible finance in local and global markets. Fintech has created a whole new market, rocking the status quo of the financial space. Fintech’s continuing uptake has meant dominant financial institutions … Continued
Financial crime networks are becoming increasingly sophisticated and more challenging to detect. As cross-border transactions increase in speed and volume, so does the challenge of keeping pace with the constantly evolving regulatory landscape. To combat this, regulators are enforcing tighter anti-money laundering (AML) requirements. The message is clear: if you want to stay compliant, you … Continued
Find out why the new Travel Rule provides a lifeline in standardising the ways that crypto asset service providers and adjacent entities share user data with other financial institutions.