Category: Digital onboarding

Uncovering Hidden Risks: Advanced KYB Techniques for AML Professionals

July 11, 2024

In today’s rapidly evolving financial landscape, the sophistication of money laundering schemes has reached unprecedented levels. As Anti-Money Laundering (AML) professionals, we face an ongoing challenge to stay ahead of criminals who constantly adapt their methods to exploit weaknesses in compliance systems. Traditional Know Your Business (KYB) procedures, while foundational, are no longer sufficient to uncover the … Continued

Streamline your Customer Onboarding: Navigating KYC and CDD using Innovative Technology

May 21, 2024

Striking the right balance between providing a seamless customer onboarding experience and ensuring robust compliance measures can be a delicate endeavour. This article explores strategies and best practices for streamlining the KYC/CDD process that can enable businesses to navigate anti-money laundering (AML) regulations while still enhancing the overall customer experience. The Regulatory Landscape: Understanding KYC and CDD … Continued

RelyComply’s AML innovation recognised by the newly launched FinCrimeTech50

May 7, 2024

We’re proud to announce that RelyComply has been included in the first edition of the FinCrimeTech50 list, founded by specialist research company FinTech Global. The list celebrates trend-setters and pioneering technology companies reinventing the anti-money laundering (AML) and fraud prevention space. The timing is perfect: an estimated 50% of financial institutions are searching for new solutions … Continued

How Criminals Exploit KYC Vulnerabilities and Loopholes

April 17, 2024

Know Your Customer (KYC) protocols are the backbone of Anti-Money Laundering (AML) efforts, requiring financial institutions to verify their customers’ identities. However, criminals exploit KYC vulnerabilities, money launderers are relentlessly innovative, constantly probing for new vulnerabilities to bypass KYC checks and integrate their dirty cash into the legitimate financial system, often through these methods. Account Opening Attacks … Continued

Leveraging AI for Continuous KYC Monitoring

March 22, 2024

Concerning anti-money laundering (AML), financial institutions face increasing pressure to stay ahead of sophisticated financial crime tactics and stringent regulatory requirements. Traditional periodic know-your-customer (KYC) reviews are no longer sufficient – customer information can become outdated quickly, leaving institutions vulnerable to financial crimes and non-compliance risks. Enter perpetual KYC (pKYC), also known as continuous KYC monitoring, a game-changing … Continued

The Top 8 KYC Mistakes – Safeguarding Your Business and Customers

March 1, 2024

In today’s increasingly regulated world, Know Your Customer (KYC) procedures are no longer optional for businesses. KYC involves initial and continuous identity verification to help prevent financial crime and safeguard your customer’s data and your business’s reputation. But navigating the complexities of KYC can be tricky, and even small mistakes can have significant consequences. This article examines … Continued

Achieving AML compliance

October 12, 2023

Anti-money laundering (AML) regulations are getting more complex, but companies and financial institutions must comply to avoid steep penalties and reputational damage. This comprehensive guide provides details on achieving AML compliance. What is AML Compliance? AML compliance refers to the policies, procedures, and controls governments implement to detect, prevent, and report money laundering and terrorist … Continued

Is artificial intelligence really the silver bullet for streamlining AML compliance?

August 24, 2023

With financial crime on the rise, global industries are finding new ways to fight back. Regulators have had little choice but to be more stringent with legislation when the real-world impact of money laundering and terrorist financing can be so worrying. Streamlining AML compliance is more important than ever. The financial world finds itself in the … Continued

Employee screening: a comprehensive how-to guide

July 6, 2023

Complying with the Financial Intelligence Centre’s (FIC) 2023 Directive 8 on employee screening is mandated for accountable institutions. It formalises compliance for employment purposes while assessing for money laundering, terrorist financing, and proliferation financing risks. Digging deeper into who you have hired should be a given. Knowing how to do it thoroughly is a whole other matter. … Continued

Risk and Compliance Reporting: Legal practitioners not above the law

June 27, 2023

In recent months, directives from the Financial Intelligence Centre (FIC) to accountable institutions have not gone unnoticed. As efforts to combat financial crime have scaled in light of the country’s greylisting, businesses across the financial field have felt the added compliance load. Legal practitioners are no exception, where Directive 6 mandates Risk and Compliance Reporting to the … Continued

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