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 […]
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 […]
What is the Financial Action Task Force (FATF)?
Key Takeaways: The Financial Action Task Force (FATF) is an intergovernmental organization that develops and promotes policies to combat money laundering and terrorist financing. It plays a critical role in creating global guidelines for countries to follow in the fight against financial crimes. FATF evaluates countries’ anti-money laundering (AML) and counter-terrorist financing (CFT) measures and provides […]
