Insights
When the Dashboard Makes the Difference
How to Spot Gambling Addiction Online
In the USA, online sports betting continues to expanded rapidly. It’s not just in professional leagues but in college sports too. Relaxation of state laws around online gambling and sports betting has led to a prolonged surge in this often
Revolution or Evolution? Navigating Compliance in Financial Services
In 2024 and beyond, the financial landscape will be characterized by rapid technological change and the importance of how we move money. Fintech companies are at the forefront of this response, revolutionizing payment methods and enhancing customer experiences. At the
The Remittance Market is Changing
One of the most important sectors in the financial world is the remittance market. In 2022, global remittances totaled a staggering $830 billion, with a significant portion flowing from developed economies like the US to lower and middle-income countries (LMIC),
URGENT and EFFECTIVE AML is non-negotiable.
The 2023 Basel AML Index has brought to light an alarming escalation in global money laundering and terrorist financing risks. This annual report, emphasizing the urgent need for effective compliance measures, describes a concerning trend: despite robust frameworks, the effectiveness
The Shifting Sands of Financial Risk: Balancing Perception and Reality
In financial services, risk perception is often as significant as the risk itself. A recent report(1) in The Business Times of Singapore reveals growing concerns among Singaporean financial institutions about money laundering risks. This comes in the wake of a
Proactive Support: how tech supports vulnerable gamblers
In recent years, the gambling industry has made important strides in addressing problem gambling. Increasingly, the emphasis is on support for those at risk, rather than punitive measures. This shift reflects a growing recognition of the importance of responsible gambling
How to turn internal audit from a duty to a strength
If you work in the financial services sector and you don’t like the thought of internal audit, perhaps you’re in the wrong business. If that sounds surprising, think about this: what other function provides the opportunity to drill down and
How efficient is your risk-management? And is it effective?
The ideal payment system is frictionless, seamless and instantaneous – and free from the risks of financial crime. There’s the catch. As the financial world continues to get more complex and inter-reliant, the holy grail of simplicity and full regulatory
KYC: Effective shouldn’t be expensive
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...
Compliance – an Opportunity, Not a Straightjacket
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...
Sanctions and PEP – Expect More and Stricter Implementation
In financial services, active compliance is more important than ever. The war in Ukraine, and the Gaza crisis, means that fallout from international relations reaches deep into the commercial world. Heightened geopolitical turmoil necessitates an even more robust approach to regulatory compliance. These must transcend...
Adopting Tech for AML – No Excuses for Procrastination
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...
Managing the Multiple Layers of Compliance – Efficiently
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...
