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…
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…
Innovation. Partnership. Outreach & Education. When you think of a regulatory agency, these may not be the words that spring to mind, but they were key themes at the North America track of the ACAMS Anti-Financial Crime FinTech Summit. Across all of the sessions, the message was consistent and clear: regulators are focusing on enabling…
COVID-19 has greatly changed how we care for ourselves and has resulted in a massive shift in how we connect with our doctors. But telehealth has tremendous potential beyond the pandemic as well. Virtual care expands healthcare access for everyone while also reducing disease exposure for patients and staff, preserving scarce medical supplies and reducing…
We are living in times of digital transformation. A lot of forms, certificates, deeds and recordkeeping are moving from the physical world to the online digital world. This is also true for identification documents: all over the world, the trend is to create electronic versions of the traditional physical ID cards. eIDAS is the European…
Anti-money laundering (AML) requirements vary across the globe. They are strongly characterized by specific legislation in various countries and can differ by industry and time period as well. It’s a dynamic environment that may require solutions of different complexity levels. For example: A cryptocurrency startup in California may need a simple, entry-level solution to support…
Think about all the different ways you’re asked to prove that you are really you. Sometimes, you’re asked to provide an email address, phone number or some type of biometric just to create a new online account. It seems like every website and app has its own unique formula for establishing a user’s true digital…
Airlines have been hit particularly hard by the COVID-19 pandemic, with an unprecedented 60% global decline in total passengers in 2020 and lost revenue totaling approximately $371 billion, according to International Civil Aviation Organization analysis. Given the positive economic impact of vaccination programs and an expected recovery of the economy in the second half of…
Anti-money laundering (AML) refers to the laws, regulations and processes that businesses must comply with to help stop financial crime. Criminals use money laundering to attempt to hide illicit funds such as income from drug dealing, human trafficking and terrorist financing. Businesses that move money must comply with AML regulations by having an effective AML…
“We’re not a financial institution.” “Our sponsor bank takes care of that.” “We’re fine using spreadsheets for now.” “Isn’t AML just for banks?” These are common lines of reasoning people have for scrolling past the anti-money laundering articles. But AML regulations are becoming broader in terms of markets covered and stricter in obligations all the…