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Beyond FS’s blog stresses the need for a clear strategy and thorough due diligence in KYC tech implementations to avoid costly failures and ensure alignment with business goals

by Jyotsna Bucktowar | Apr 5, 2025

This blog by Beyond FS discusses the challenges that financial crime teams face when implementing new KYC (Know Your Customer) and financial crime technology. It emphasizes the importance of setting a clear internal strategy before adopting new technology, aligning...

Paymnts: OKX Crypto Exchange fined US$500m for AML violations

by Jyotsna Bucktowar | Feb 26, 2025

OKX employees actively guided US users on faking nationality to bypass KYC checks—showing deliberate not just negligent but AML violations. The platform processed over US $5 billion in suspicious funds, ranking among the largest crypto enforcement cases. The crackdown...

US FDIC urges FinCEN to revise customer identification program rules, allowing banks to collect partial social security numbers for account opening to align with fintech verification methods

by Jyotsna Bucktowar | Feb 7, 2025

Acting Chairman Travis Hill has sent a letter to the (FinCEN) advocating for greater flexibility in certain Customer Identification Program requirements for bank-fintech partnerships. Specifically, Hill supports allowing the collection of just the last four digits of...

Moody’s publishes blog on ‘Searching for Answers: What Is Business Entity Verification?’

by Jyotsna Bucktowar | Oct 17, 2024

Conducting business entity verification is crucial to mitigate risks related to sanctions, fraud, money laundering, and other financial crimes. By ensuring the accuracy and authenticity of business entities, organizations can establish trust, maintain regulatory...

BBC: Fake Olympics and Taylor Swift tickets are the two biggest online scams that are fuelling fraud

by Jyotsna Bucktowar | May 22, 2024

The abuse of online platforms continued to leave people vulnerable as the criminals stole £1.17bn in 2023, down 4% from 2022. It called on tech companies to do more to help stop the scams. Consumers lost £86m last year to purchase scams, in which they agreed to pay...
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