The Identity and Beyond Blog

As more and more people shift toward a digital lifestyle, it has become increasingly apparent that digital payments are the future of financial transactions. More than 6 billion people across the globe use digital payment options on a regular basis. The convenience, speed, and security that digital payments offer are unparalleled, making it the most…

Financial institutions play a critical role in safeguarding the financial system from criminal activity, such as money laundering and terrorism financing. To do so, they must implement effective risk management strategies, which include customer due diligence (CDD) processes. One key component of CDD is conducting customer risk assessments, which allow financial institutions to assign a…

When you think of sanctions, household items might be the last thing that comes to mind. But even a simple toaster can have military uses, causing regulators to rethink requirements for sanctions compliance. Sanctions compliance refers to the steps businesses must take to ensure they do not trade or have financial relations with those who…

Global anti-money laundering (AML) and Know Your Customer (KYC) regulations are becoming increasingly rigorous, especially in the U.S. and the UK. Financial institutions that are obliged to contend with both evolving regulatory and risk landscapes must ensure their anti-financial crime programs are in step with shifting AML and KYC requirements. Pressed even further due to…

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

Anti-money laundering (AML) policies are put in place to deter criminals from integrating illicit funds into the financial system. Money laundering schemes are used to conceal the source and possession of money obtained through illegal activities, such as drug trafficking and terrorism. Banks and other financial institutions are legally obligated to follow AML regulations to…

Spanish Version Portuguese Version Latin America has fully embraced the digital revolution. In 2022, 74% of the population made online purchases, up from 55% only two years prior. And digital verticals such as gaming, ride hailing and advertising are experiencing phenomenal growth. Unfortunately, fraud is also on the rise in LATAM, and companies are scrambling…

For your online business to succeed, it’s essential that fraudsters fail to get onto your platform. That’s why Jumio provides solutions that help businesses to know and trust their users throughout the customer lifecycle. Risk signals are a powerful tool for assessing the risk of a user right from the start and for customizing the…

March 8 is International Women’s Day, a global day celebrating the social, economic, cultural and political achievements of women. The day also marks a call to action for accelerating women’s equality. The theme for this International Women’s Day is #EmbraceEquity, with the aim of getting the world to talk about why equal opportunities aren’t enough…

It’s no secret that fraudsters are getting more and more sophisticated. There have even been cases where they have used the government’s own equipment to create fake identification documents (IDs). This makes it very difficult to detect that the ID is fraudulent, since it will have all the right watermarks and other indicators of a…

Allowing your customers to onboard with your organization online instead of in person provides convenience for them and a lot more opportunity for you to grow your business. But when it comes to fighting fraud, it’s essential to have a powerful identity verification solution that helps ensure only legitimate customers make it onto your platform….

Did you know that Know Your Customer (KYC) procedures can cost around 3% of a bank’s total operational cost base? This is a significant expense, but the penalty for having an insufficient KYC program is even higher. Increasing and ever-changing Anti-Money Laundering (AML) regulations consistently raise the bar for financial institutions, and failure to comply…