The Identity and Beyond Blog

Our take on identity and compliance in a digital-first world.

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Jumio to Acquire 4Stop, Realizing Strategic Vision of Redefining End-to-End Identity

December 07, 2021

Following up on our post about our next-generation KYX Platform, we are thrilled to announce today that we have signed an agreement to accelerate our business and technology vision by acquiring current strategic partner 4Stop, the leading data marketplace and orchestration hub for KYB, KYC, compliance and fraud prevention. The addition of 4Stop’s data sources…

AML Models – Definition, Development, Validation and Best Practices

November 12, 2021

Anti-money laundering (AML) practices help fight financial crimes by making it difficult to “wash” illegally acquired funds so that they look legitimate. Businesses, especially financial institutions and high-cash concerns, must be vigilant to prevent this criminal activity. While AML compliance is a high priority, members of the industry are not in complete agreement about what…

PEPs Mitigating Risk After The Pandora Papers Jumio

The Pandora Papers: The Importance of Enhanced Customer Due Diligence for PEPs

November 09, 2021

Anti-money laundering (AML) starts with knowing your customer. Multiple leaks such as the Panama Papers, Paradise Papers and most recently the Pandora Papers show that politically exposed persons (PEPs) are at higher risk for corruption. PEP screening is critical for ensuring your business takes a risk-based approach and performs enhanced due diligence on high-risk customers…

10 AML Rules

10 Anti-Money Laundering Rules For a Compliant AML Program

October 28, 2021

Money laundering schemes are difficult to detect. Money launderers use businesses like fintechs, banks, insurance companies, cryptocurrency dealers, gaming platforms, casinos and other financial services institutions to make their money look legitimate. The goal of anti-money laundering programs is to find these abnormal patterns in the sea of financial transaction data generated every day within…

The Future of Trust Orchestrated on the KYX Platform Jumio

The Next-generation KYX Platform is Here

October 25, 2021

In 2020, we announced the launch of the Jumio KYX Platform, an end-to-end compliance platform that allows our customers to ensure they’re fighting financial crime and meeting their regulatory obligations throughout the entire customer journey, from onboarding through ongoing monitoring. As part of this vision, Jumio is evolving what it means to know and trust…

Beyond CDD

What Does CDD (Customer Due Diligence) Mean for Banks and Financial Companies?

October 19, 2021

You wouldn’t hire a new employee without making sure they’re the right fit for the job, right? Just as employers thoroughly vet candidates, organizations across the financial services industry need to have a good read on their prospective clients before allowing them to open an account to mitigate fraud and money laundering risk. This is…

AML FINES What To Know Jumio

What To Know About AML Fines For 2021-2022

October 07, 2021

Anti-money laundering (AML) programs provide a set of measures within financial institutions to prevent fraud, money laundering, terrorism financing and other financial crime. AML programs are mandated by the government in various jurisdictions and are aimed at financial service providers, including banks, fintechs, insurance firms, credit unions, casinos, mortgage lenders and more. Failure to comply…

AML Technology

AML Technology That Helps Companies Maintain Compliance

September 17, 2021

For many, money laundering sounds like a crime that just happens in shady businesses or on television shows. Sadly, this financial crime is all too common and can plague ordinary businesses, especially financial services and fintechs that allow users to exchange funds. These businesses and institutions could be used to finance criminal enterprises and provide…

KYC and AML

KYC And AML: Key Differences & How They Work Together

September 09, 2021

When it comes to compliance, there are many different regulations for companies to navigate. Adding to the confusion is the various compliance terminology, which can mean different things. AML or anti-money laundering refers to the steps that financial institutions and other firms must take to prevent criminals from depositing or transfering funds that came from…

How Jumio Uses AI to Support New Types of ID Documents

August 26, 2021

The Department of Homeland Security recently announced an extension of the REAL ID full enforcement deadline. This means that after several postponements due to COVID-19, a U.S. driver’s license can be used to board a plane for domestic flights starting May 3, 2023, but only if it complies with the new REAL ID federal standards….

AML Compliant?

Building a Successful AML Compliance Program

August 10, 2021

Running a business requires staying compliant with many local, state and federal regulations. One vital responsibility for management is creating and running an anti-money laundering (AML) compliance program. AML rules are meant to stop criminals from disguising illegal money as legitimate profits. AML has become a focus for many financial institutions and other related industries…

Multi-Factor Authentication: What It Is and How It Protects Your Customers

June 29, 2021

Online users want more security. Over the last year alone, major data breaches have affected millions of people. One headliner, the Microsoft Exchange cyberattack, was enough to terrify even casual users of online services. These breaches have shown how effortless it has become for tech-savvy criminals to steal personal data to use or sell. Business…