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Category : Blog

  • KYC (or Know Your Customer) is a practice in all regulated banks for customers’ identity verification. It is a necessary measure to monitor and assess customer risk. In fact, KYC authentication is a legal requirement for financial institutions as an anti-money laundering (AML) compliance measure.

    KYC authentication is a process carried out by organizations to verify the identity of their business partners and clients to stay compliant with current laws and regulations. Failure to stay on top of the KYC process can lead to significant fines for your company. Therefore, you must remain vigilant and up-to-date on your KYC process in order to stay AML compliant.

    Although there are many common mistakes every company makes in regards to AML compliance, you should avoid three critical KYC authentication mistakes at all costs.

  • A lot of businesses have questions about credit card chargeback merchant rights. To answer that, you must first understand what a chargeback is and how it works.

    In simple terms, a chargeback is a reversal of any credit card payment initiated by the bank that issued the card. This is often used when a buyer feels that the product description is deceitful or they suspect identity fraud, they will contact their bank directly to enforce a chargeback.

    A chargeback is a safety net designed for cardholder’s security. Therefore, you should understand credit card chargeback merchant rights to ensure you protect your business from chargeback frauds whenever possible.

  • In the fight against money laundering, the Financial Crime Enforcement Network established the Bank Secrecy Act (BSA) of 1970 and several laws thereafter. Anti-Money Laundering (AML) training programs have since been created to ensure that companies understand and conform to these AML compliance laws and regulations. 

    These programs were originally built on four core pillars: the development of internal policies, procedures and controls, the designation of an AML program officer, relevant training of employees and independent training. A fifth pillar, due diligence, was added in 2018. 

    AML training programs are now one of the necessary steps toward securing AML compliance. Here are a few things to keep in mind during the training process:

  • When it comes to AML compliance, the basic checklist will tell you almost everything you need to know. However, there are a couple of other factors that might have slipped your radar. If you look specifically at KYC, for instance, you’ll find that high risk customers require some additional resources before you can proceed with complete compliance. 

    So while basic Customer Due Diligence is necessary for any bank or other financial institution, the concept of Enhanced Due Diligence (EDD) might not be as familiar. If that’s the case, here’s what you need to know:

  • In order to abide by BSA/AML compliance regulations, a reliable Customer Identification Program (CIP) is a must. With the development of technology, CIP programs have become increasingly tighter to protect against things like identity theft and organized crime...

  • The world has been shifting towards digital reliance for the last decade or so. In the wake of coronavirus pandemic and social distancing parameters, this trend has escalated. This is especially true for online shopping, purchasing, and online credit card/loan applications.

    According to the UN report, the COVID-19 pandemic may lead to an increase in the number of cyber-attacks and frauds. According to the UN Security Council, there has been a 600% increase in malicious email attacks alone in recent months.

  • Anti-Money Laundering (AML) is defined as a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. AML laws, such as the Bank Secrecy Act, were first put into place by the U.S. government in 1970 and ever since, AML compliance has been considered a federal requirement. 

    As such, banks or other financial institutions that fail to be AML compliant can incur jail time, hefty fines, loss of income, wasted resources, etc. Integrating a successful AML software is one crucial step towards protecting your business against fraud and AML regulation backlash. Here are a few types of AML software your financial institution might want to consider incorporating:

  • Fraudulent activity is an issue that affects almost every business worldwide. From major retailers facing in-store and online credit card fraud to banks and financial institutions who deal with fraud on a daily basis, it’s a very common issue that many companies have tried to combat. 

  • The United Nations has already issued a warning that the coronavirus pandemic poses a threat to online security. In fact, according to the disarmament chief of the United Nations Izumi Nakamitsu, since the pandemic outbreak, there has been a 600% increase in malicious email attacks.

  • One of the biggest concerns for business owners and financial institutions across the country is protecting their business from fraudulent activity. While it may make sense to cut corners to save money, fraud prevention tactics can save you from millions of dollars in losses, especially ID related fraud cases.