Posted on August 22, 2023Categories BusinessTags , , ,

International Regulatory Laws that Mandate KYB Checks for AML Compliance

The world is under a technological transition with unique and revolutionary digital products and services. Problems are getting catered to with high-tech and artificial intelligence-based solutions. On the one hand, this has provided numerous opportunities to young minds and companies. However, on the other hand, it has led to an enormous threat of security dilemmas, data theft, cybercrimes, and financial crimes, such as money laundering. Therefore, identity verification has become a mandatory process in every organization. KYC and KYB checks … Continue reading “International Regulatory Laws that Mandate KYB Checks for AML Compliance”

Posted on August 18, 2023Categories BusinessTags , , ,

Bank Transaction Monitoring: Safeguarding the Financial Ecosystem

In order to prevent illegal acts such as money laundering or other financial crimes, banks must know their customer’s transactions by implementing a transaction monitoring system. This will not only help in the detection of suspicious activities but also in establishing the integrity of the financial sector. What is Transaction Monitoring in Banks? Bank transaction monitoring is a process of monitoring the financial transactions of their users for signs of money laundering, terrorism financing, and other financial crimes. Banks must … Continue reading “Bank Transaction Monitoring: Safeguarding the Financial Ecosystem”