There is a clear disparity between those worldwide who physically cannot access financial services because their data is not held on ‘traditional’ sources, and those whose data is held online through the use of smart devices...
Creating ‘a more inclusive financial world’ has been a fashionable mantra for a few years now, but what is actually being done to make banking services more accessible and affordable to the global population?
These days, most people practice due diligence without even thinking about it. It’s rare that someone would make a major purchase like buying a car without performing some research beforehand.
Just as we evaluate big decisions before we make them, banks and financial institutions need to know who their prospective clients are before allowing them to open an account. This is where customer due diligence comes into play.
These days, customers expect far more from brands and organisations than just their primary service. Consumers are made more aware of company practice and will often favour a brand that aligns to their views over cheaper or quicker alternatives.
But how can you foster loyalty in your brand? This post will explore how implementing robust and compliant KYC checks can help cultivate emotional, lasting relationships with your customers.
Around the global financial service providers are regulated for the purposes of minimising fraud, reducing money laundering and limiting the funding of crime & terrorism.
Today, many of the financial markets have to comply with global regulations, such as the 5th EU Anti-Money Laundering Directive (read our guide on how to comply with 5AMLD) and Financial Action Task Force (FATF).
In Part 1 we explained Know Your Customer (KYC) methods and processes for banks, here in Part 2 we talk about the modern solutions that are being used to assess and monitor customer risk, and comply with AML regulations, in smarter ways.
Here we offer a quick overview of modern solutions and how we at Hello Soda can help.Â
Know Your Customer (KYC) methods and processes are critical to assess and monitor customer risk. They are also a legal obligation to comply with regulations and Anti-Money Laundering (AML) laws set by each country.
Here in Part 1 we tell you a bit more about KYC, and in Part 2 we tell you how we can help!
The Fifth Anti-Money Laundering Directive must be implemented by EU member states by January 2020. Many financial processes and sectors are affected, but here we will talk about how cryptocurrency businesses will have to increase ownership transparency.Â
We will also let you know how we can help, through our online global identity verification tools. Â
AML5 ahoy! In the 5th incarnation of the Anti-Money Laundering Regs more people will have to be verified for KYB. Rather than one Ultimate Beneficial Owner (UBO), now anyone with a 25% share (or in a significant shareholding group) will have to be verified.
In this blog we tell you about a key detail of AML5, and how we can help you meet the new regulation coming into effect in January 2020.   Â
New Anti-Money Laundering regulations come into effect on 10th January 2020, by which point all regulated entities in the EU must comply.
In this blog we’ll tell you what you need to know, and how we can get you KYB ready.
In this blog we’ll tell you why customer address verification is so important, and how you can do it easily, using live utility data.
This new automated digital method now offers the most up to date source for address verification, and is the channel that customers and businesses are most happy to give access to, for KYC & KYB. We explain why here…
