January 2024

Don’t get me wrong. I have nothing against AI. But its use requires considerable thought, not just in initial application, but in oversight too. It’s not yet the magic answer we might have hoped for. This is especially so in the financial services industry, where the demands of regulatory compliance are not just complex and […]

KYC (Know Your Customer) can be cumbersome and expensive. The onboarding  process, with multiple checks, can consume vast amounts of time and resources. Often it seems like a burden, which is frustrating for a such an essential process. Typically, challenges include: Complex regulations make it difficult for financial institutions to keep up. Operating in multiple

Compliance, much like the financial world it serves, is anything but static. It has a quasi-organic nature, changing over time and according to context. It evolves alongside regulations, threats, and the needs of your customers. While Know Your Customer (KYC) forms a bedrock, that is just the beginning – as every compliance officer knows. Criminals

In the worldwide battle against financial crime, the stakes are high. Money laundering alone, according to the United Nations Office on Drugs and Crime, amounts to a staggering $800 billion to $2 trillion annually. That’s 2% to 5% of the world’s GDP, a sum large enough to dwarf the budgets of several countries. Financial institutions

Across the world, the burden of regulatory compliance is not just growing – it’s accelerating rapidly. Financial institutions face a labyrinth of regulations that demand meticulous attention to detail and an in-depth understanding of international financial laws. Compliance tasks range from adhering to efficient and effective KYC routines and intelligent transaction monitoring, to navigating the

For financial institutions, compliance is not just a process. Like the sea, it’s continuously moving and changing, and it requires vigilance to stay in tune with  the latest laws, regulations and lists. Understanding this is crucial, especially when multiple jurisdictions are involved.  It’s necessary to navigate regulations accordingly, often when rules may change with little

Like the snow in our fitful northern winter, a flurry of recent articles highlights the rapid growth of the money remittance market. Remittance is the lifeblood of many communities, each with their own diaspora, and the sheer scale of this sector renders it vulnerable to abuse.