Tag: banking

AML Meets KYC: FinTech Apps Battle the Data Cloud

AML compliance starts with the due diligence undertaken during onboarding, generally put in compliance terms as Know Your Customer (KYC). The first step to AML is KYC, says Abhishek Dwivedi, an AML consultant with AMLabc,  Amsterdam. “Some customers may be relatively riskier, not necessarily because of any terrorist links or high risk, and need to be monitored on an ongoing basis in the AML  [...Continue Reading]
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Technology Considerations for Taming the BSC-AML Compliance Beast

The Bank Secrecy Act (BSA) is the primary anti-money laundering (AML) law in the United States. Although technology has been at the heart of AML compliance for years, new technologies are bringing more sophisticated and efficient approaches to AML compliance, with the goal of reducing compliance costs for large and mid-tier banks. AML compliance generally is based on identifying transactions that fall outside the  [...Continue Reading]
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FinTech Rising Ebook: Developments indicating the future of money, finance, and payments

The financial services industry is in the nascent phase of digital transformation. The industry that gave rise to the use of electronic computing in business enters its next stage of technological evolution. We call our industry briefing “FinTech Rising” to emphasize the growing global traction and innovation in financial technology, the acceleration of the transition from the initial electronic financial technology systems to their digital FinTech cousins.
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The FinTech Field of Engagement

For the 30 years I have been involved as a marketer and journalist in the financial industry, banks have remained secure in their position in payments, despite warnings to the contrary. Existing payments systems and reserve currencies may be safe from a future of bitcoins and RMBs for now. Yet technologies that can lower costs and increase competition by making business connections more direct win in the long run.
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The Fed Drives Forward on the Payments Innovation Road

The legitimation of digital money accelerated with a push on the gas pedal by the U.S. Federal Reserve. The Fed’s highly anticipated paper paper Strategies for Improving the U.S. Payment System, provides a surprise and more of the same for business people interested in the development of a faster and more efficient system in the United States for making domestic and international payments. Without  [...Continue Reading]
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Think Before You Shout: The Importance of Content Strategy for Banks

  I came across Ron Shevlin’s post on the trouble with content marketing for banks, and think he makes some excellent points. While his advice should really be considered for all kinds of content marketing, it applies particularly to banks because of their fairly unique position providing the types of content their varying audiences might want from them (not lifestyle and health, we suspect).  [...Continue Reading]
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Why and How Banks Collaborate with Digital and FinTech Companies

The antagonism between tech companies and banks in the payments market is turning toward alliance. Digital giants and fintech startups supposedly poised to gobble up bank customers and the defensive banks commonly considered blind and slow are finally seeing the mutual benefit of collaboration. Although warnings for banks to go digital and mobile are still dire, and predictions that banks will have their lunch  [...Continue Reading]
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