Avoiding the next Wirecard scandal
Hindsight packs a powerful punch. Looking back at the Wirecard scandal, it seems remarkable that regulators, investors, suppliers and other stakeholders did not see the downfall of the German payment processing company coming. The Financial Times began investigating the
Onboarding commercial banking customers: automate to accelerate
It’s a well known fact that, in banking, opening a new commercial account is not a fast or simple task. In fact, it’s a notoriously difficult and sometimes painful process which is dotted with friction points for the customer
The onboarding conundrum – a poor experience for business customers and banks
The onboarding process for opening corporate accounts at banks is littered with friction points. But it’s not just the customers who are suffering, it’s also the banks themselves. It is evident just how difficult the onboarding process is for banks:
What does the FinCEN files leak mean for KYC and AML?
Experts have branded failures in the US real estate anti-money laundering (AML) regime ‘madness’. They predict legislation is inevitable, and that rules and regulations will extend to cover real estate professionals. The banking industry has been reeling since, on September
Wirecard, increasing risk, and banks’ need for KYCC
Banks use KYC to obtain data on their clients for onboarding and periodic review processes - a set of protocols to assist with gaining a better understanding of the exposure to risk within a book of customers. Conducting KYC
How to achieve a single source of truth for AML & KYC data [podcast]
David Buxton, CEO and Founder of Arachnys joins the Captivated Audience Podcast to discuss the single source of truth approach for data aggregation, the spectrum of data sources relevant for financial crime prevention, desktop bots and the essential role
The long road to achieving true perpetual KYC
In recent years there has been a lot of talk about perpetual (or continuous) KYC. It is a term used to indicate the industry objective of moving away from conducting painful and ineffective periodic review processes. Very few banks,
What does the future hold for AML and KYC data?
“There are some decades where nothing happens, and some weeks where decades happen” – Vladimir Il’yich Ulyanov (Lenin) Coronavirus has changed the world. But the changes it will accelerate have been brewing for years. Those of us who are working remotely
Why the COVID-19 crisis poses such a compliance challenge for banks
In times of crisis, we often see the best of people, with selfless and heroic individuals doing all they can to alleviate the suffering of others. Unfortunately, there are also people for whom crisis brings out the worst –
Are UBO registers making a difference?
The EU’s 5th Anti-Money Laundering Directive (5MLD) became effective on 10 January 2020. Amongst various other guidelines, it stipulates that member states must open up access to registers of ultimate beneficial owners (UBOs) of companies, also referred to as
Why insurers must get to grips with due diligence and financial crime
Insurers might assume financial criminals such as money launderers do not have them in their sights, but there is no room for complacency. It is true that they represent a less direct means to legitimise dirty money and to
Why mining companies must know their customers – and how to do it
How well do mining companies know their customers and suppliers? Those not engaged with the process around who they work with, could be storing up all sorts of trouble for the future. Mining companies have become accustomed to tough scrutiny