What Is KYC (Know Your Customer)?
Key Takeaways: KYC (Know Your Customer) requires businesses to verify customer identities before conducting financial transactions. This process helps prevent fraud, money laundering, and identity theft by ensuring that individuals are who they claim to be. KYC verification is part of the broader Customer Due Diligence (CDD) framework, which involves ongoing transaction monitoring to detect […]
eIDAS 2.0: Redefining Digital Identity in The EU
Key Takeaways: eIDAS 2.0 is the updated version of the Electronic Identification, Authentication, and Trust Services regulation (eIDAS) by the European Union. eIDAS 2.0 aims to improve the security, usability, and inclusivity of electronic identification (eID) and trust services across the EU. A key feature of eIDAS 2.0 is the European Digital Identity Wallet (EUDI […]
What Is eKYC (Electronic Know Your Customer)?
Key Takeaways: eKYC (Electronic Know Your Customer) is the digital process of verifying the identity of clients, meeting KYC requirements digitally. It assesses their suitability and the potential risks of illegal intentions in business relationships. eKYC eliminates the need for manual verification and paperwork, making it faster and more efficient. Additionally, digital verification methods often […]
What Is the Financial Industry Regulatory Authority (FINRA)?
Key Takeaways: The Financial Industry Regulatory Authority (FINRA) is a non-governmental, self-regulatory organization that oversees U.S. brokerage firms and exchange markets. Operating under the SEC, FINRA establishes standards to promote ethical behavior and prevent fraud in the securities industry. FINRA conducts market surveillance to detect and prevent manipulation, enforcing securities regulations through disciplinary actions when […]
What Is the EU AI Act? The First Comprehensive AI Regulation
Artificial intelligence is transforming the way we work, communicate, and solve problems. Businesses are becoming more efficient, governments are improving public services, and new innovations are reshaping entire industries. But as AI continues to evolve, so do concerns about security, ethics, and privacy. That’s where the EU AI Act comes in. More than just a […]
What Is KYC Fraud?
Key Takeaways: KYC fraud involves individuals providing false or misleading information during the Know Your Customer (KYC) process to deceive financial institutions or businesses. This deceptive practice undermines the integrity of financial systems and can lead to significant financial crimes, including money laundering and terrorist financing. Common tactics include identity theft, synthetic identity creation, and […]
SOC 2 Compliance: Understanding the Standard for Data Security
Key Takeaways: SOC 2 (System and Organization Controls 2) compliance is a set of standards designed to manage how organizations handle sensitive data. This helps customers feel secure about their privacy and trust in the company. SOC 2 compliance is essential for SaaS providers, fintech companies, and other organizations that handle sensitive customer information. Achieving […]
What Is the Financial Crimes Enforcement Network (FinCEN)?
Key Takeaways: The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Treasury that works to detect and stop financial crimes. FinCEN achieves this by collecting and analyzing financial data, which helps in identifying and preventing money laundering, terrorist financing, and other illicit activities. FinCEN works with international financial intelligence units (FIUs) and […]
What Is EU’s eIDAS Regulation?
Before eIDAS, the EU’s digital landscape was quite fragmented. Each country had its own rules for online identification and digital trust services, making it hard for individuals and businesses to work smoothly across borders. There were no uniform rules for electronic signatures, and people generally didn’t trust digital processes. This lack of consistency made doing […]
