Anti-money laundering (AML) compliance is not a simple matter. Your company has to practice Know Your Customer (KYC) and customer due diligence (CDD) to meet governmental regulatory measures. In addition, you are responsible for screening international sanctions lists to avoid doing business with known or suspected financial criminals such as drug dealers, human traffickers, terrorists…
Anti-money laundering is a guiding force for financial services companies. Know Your Customer (KYC) is an integral part of AML regulations and helps financial institutions weed out customers who commit financial crimes, including terrorist financing, human trafficking and the drug trade. While these efforts are necessary, they apply constant stress to your company. Several government…
Alarming reports have emerged about a crypto investment scam that’s so heinous it sounds fictional. Dubbed “pig butchering” because of the amount of time and care that goes into “fattening up” the victims, this scheme involves targeting people on social media, dating sites and WhatsApp, developing trust with them over days or weeks and manipulating…
More than 114 million people in the U.S. are required annually to provide proof of vaccinations for their work or education. Unfortunately, there is no national organization for authenticating and maintaining vaccine records, putting the onus on the individual to keep track of their own records. COVID-19 only amplified the need for an innovative solution…
A massive shift is happening in the way people prove their identities. From banking to healthcare to gaming, as more business moves from the physical world to the digital world it’s become essential for organizations to determine that the person on the other end of the screen is who they say they are and to…
As more and more business moves online, government agencies have also been under pressure to provide a secure yet efficient online experience for members of the public. These agencies have stepped up to the challenge, providing everything from the ability to renew your car’s registration to filing your taxes online. But this digital transformation has…
Are your banking customers who they say they are? How can you know for sure? Today, I’m excited to share a “better together” story with you about how Jumio and Okta are working together to provide strong online identity proofing for users all around the world. Ready to dive into the world of identity and…
Since the Bank Secrecy Act (BSA) was first enacted in 1970, the U.S. government has strengthened the anti-money laundering (AML) regulations several times, including in 2020 and 2021. These changes were necessary because financial criminals have become more sophisticated and now use advanced technology to mask their crimes. Too many are still successful at hiding…
During account opening, many businesses have some sort of onboarding process for new clients that requires gathering basic personal information and introducing clients to the product/services they are entitled to. In the financial sector, onboarding becomes more important because serious security issues are involved. The government carefully regulates financial transactions in order to prevent financial…
Did you know that in 2020, 84% of businesses in Asia Pacific reported losses in revenue due to payment fraud? Or that synthetic identity theft is growing despite strong Know Your Customer (KYC) practices — because, to date, there has been no efficient way to uncover this type of fraud? Thanks to the rise of…