ComplyTech

Manual AML and KYC processes alone are inadequate. Only technology that is designed to maximise the efficiency of know-your-customer controls and measures to curb money laundering and the financing of terrorism can handle the virtual reality and volumes.
Looks like we are at the stage of "to be or not to be" - embrace a combination of technology and human expertise that is destined to become the norm for financial institutions in the future or brace yourselves. And it is a learning journey not only for financial institutions but to regulators too.

What regulators want to know about KYC technology So, your company has decided to embark on an update of its legacy Know Your Customer system. Hear from experts on how to begin the process of onboarding that tech to the regulators.

📕Our CEO Michel Farah commenting on regulations in Singapore at APAC. Crypto regulations on the horizon.
https://lnkd.in/gGKGVj4

APAC Issue Q4 2019 Welcome to the Q4 issue of APAC Insider magazine! A quarterly publication devoted to providing you with all the latest news and updates from across the Asia Pacific region.

🇸🇬👉This time our CEO Michel Farah talks Singapore to Finyear.com





https://www.finyear.com/The-State-of-Cryptocurrency-Regulations-in-Singapore_a41537.html

The State of Cryptocurrency Regulations in Singapore The Asian city-state has been pretty lax about cryptocurrency market regulations, but the country’s strict Anti-Money Laundering measures signal stricter industry oversight in the near future. A compliance expert predicts that a possible wave of new regulations could force some of the crypto...

🚩 CEO Michel Farah names risks associated with Brexit in the publication of Korea IT Times. Financial institutions might face enormous challenges after Brexit and more.

Anti-Money Laundering challenges for Post-Brexit financial institutions in the UK - Korea IT Times As the United Kingdom prepares to leave the European Union on October 31st, the financial sector is among those facing the most uncertainty. As a result over 275 UK-based Financial Institutions (FI...

🇪🇪💸Estonian government would further intensify and combat money laundering after receiving an overview of developments in the prevention of money laundering in the country.

also wishes to significantly toughen penalties for money laundering related faults as well as to involve more people who must take into account in their activities the requirements of the anti-money laundering law.

Fight against money laundering to intensify The government said it would further intensify and combat money laundering at its Cabinet sitting on Thursday after it received an overview of developments in the prevention of money laundering.

🚩👉"Potentially risky customers pose imminent threats to a financial institution. These may include politically exposed persons (PEP), someone with a criminal record or bad reputation, someone located in a jurisdiction which is deemed to pose a higher money laundering or fraud risk due to high level of corruption, or is vulnerable to terrorist activities, or lacks AML legislation." - says CEO of ComplyTech M. Farah

Anti-money laundering and know your customer: compliance challenges financial institutions face Earlier this year, the Bank of Lithuania released a report stating that the number of startups in the financial sector grew by more than 40% over the year. Rapid growth comes with a number of challenges such as data protection regulations, digital customer identification, and money laundering preven...

❗👉Three of the most important financial regulatory bodies in the US namely: SEC, FinCEN and the CFTC - issued a rare 3-party joint statement on Friday regarding digital assets.

The statement highlighted that people engaging in digital asset activities have to adhere by their anti-money laundering and countering terrorism financing (AML/ ) obligations via the Bank Secrecy Act ( ).

US regulators issue statement on digital asset AML obligations The leaders of the U.S. Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, and the U.S. Securities and Exchange Commission (the “Agencies”) today issued the following joint statement to remind persons engaged in activities involving digital assets of their anti-money...

💸The use of blockchain and overall crypto space is often accused of being a potential tool for miscreants and criminals.

Recent study found that only 2% of the 200,000 bitcoin transactions in the data set are deemed illicit; 21% of the total transactions were identified as lawful; and roughly 77%, remained unclassified.

Bitcoin for illicit activities in 2019 has been only 1% which was presented in the form of a webinar.

Bitcoin use for illicit activities is only 2%, while 21% transactions are lawful and 77% are unclassified - AMBCrypto Cryptocurrency adoption around the globe is on the rise as regulators and governments are realizing that it cannot be banned completely

👀🔝With coming into force on January 2020, the question arises of how transactions between regulated and unregulated exchanges will be monitored?

There is a possibility to take a risk based approach and apply rigorous KYC and KYT processes but when it comes to transaction monitoring in cryptocurrencies, the reality is not as simple.

Curious about it? Read more on our 👇

Anonymity and transparency in the cryptocurrency world - Complytech 5th Anti-Money Laundering Directive AMLD5, Cryptocurrency exchange, fiat currencies, custodial wallet providers, obliged entities, AML know your customer (KYC) due diligence and reporting of suspicious transactions, anonymous cryptocurrency

🔝💡Another week another event!

Today we attended event that aims at bringing together industry experts from financial markets, risk, compliance and anti-money laundering by encouraging interactive discussions and presentations on key risk and compliance themes.

Insightful and inspiring presentations about the most recent developments on money laundering, corruption and human rights abuses regulation and law enforcement, AML compliance trends and challenges in Lithuania, ways to reduce operational costs and enhance efficiency in compliance, among others.

👉💸$817 million suspected laundered by Kiwi company and its employees.

New Zealand’s company is accused of failing to report hundreds of suspicious transactions including $817 million dollars belonging to an international tycoon.

The company and the employees could not be identified for legal reasons but it’s considered to be the first such money laundering case to be heard in New Zealand’s courts since AML laws were introduced more than a decade ago.

Kiwi company and pair on trial over mogul's 'suspicious' $53m A company and two employees are on trial accused of failing to report hundreds of "suspicious" transactions involving tens of millions of dollars.

🎙Great series of podcasts by and explaining to a non-technical how , , bribery, tax evasion that are also known as "Dark Money", enter the financial system & infects everything it touches.

The podcast covers trending topics in the industry, various money laundering scandals, and gives a great glimpse of what the industry might be in the near future.

recommend!

The Dark Money Files Podcast · [object Object] · A series of podcasts which explain to a non-technical audience how "Dark Money" (e.g. money laundering, corruption, bribery, tax evasion) enters the financial system and infects everything it touches.