What Is GLEIF? (Global Legal Entity Identifier Foundation)
Key Takeaways: The Global Legal Entity Identifier Foundation (GLEIF) is an organization established to support the implementation and use of the Legal Entity Identifier (LEI). Legal Entity Identifier (LEI) is a 20-digit code issued to legal entities involved in financial transactions, enhancing transparency and traceability. GLEIF oversees the LEI system but does not issue LEIs; […]
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 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 […]
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 […]
What Is PCI DSS (Payment Card Industry Data Security Standard)?
Key Takeaways: PCI DSS (Payment Card Industry Data Security Standard) sets security requirements for businesses that handle credit card transactions, ensuring the protection of cardholder data. Compliance with PCI DSS is mandatory for all organizations processing, storing, or transmitting credit card information. Businesses are classified into levels based on transaction volume, and the requirements for […]
What is Know Your Transaction (KYT)?
Key Takeaways: Know Your Transaction (KYT) is a tool for financial institutions to analyze transactions and combat money laundering and other financial crimes. It works by analyzing transactions for suspicious activity patterns, such as large or unusual transfers, and triggering alerts for further investigation. Unlike Know Your Customer (KYC), which focuses on verifying customer identity […]
The European Union’s Revised Transfer of Funds Regulation (TFR)
Introduction: Understanding the Impact of Money Laundering and Terrorist Financing Money laundering and terrorist financing continue to pose significant threats to national economies and global stability in 2024. These illicit activities undermine societal structures and compromise the integrity of international financial systems. Money laundering involves disguising the origins of illegally obtained funds to make them […]
