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]
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]
FinTech choices this week touch on the Apple Watch, a bank vs. digital bank Twitter debate and more on the user interface layer.
This week’s fintech picks feature a new lab in London, a new tech garage in San Francisco, tips before diving headfirst into a data lake and more!
UBS to Open Blockchain Research Lab in London
The lab will consist of 12 desks at Fintech accelerator space Level 39, which is a hub for financial technology startups. Oliver Bussmann, group chief information officer, said about [...Continue Reading]
Each week, we will be sharing five fintech-related articles that we find interesting. Take a look at the following picks that explore the digital revolution, how to attain the customer interface, Big Data and more. Dig in!
British Banking Association: Bitcoin is a Real Threat to Banks
According to a new report from the British Banking Association, cryptocurrencies continue to threaten revenue streams of [...Continue Reading]
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.
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]
FinTech is a term commonly used within the banking, finance, and technologies industries to describe the literal business of the companies that develop software, run networks, and integrate systems in banking, payments, trading, and beyond. It’s a large and lucrative sector—and in a literal sense, the earliest business to become automated through computing technologies.
These days, however, financial technology—often designated with the less formal [...Continue Reading]
The year is well underway. If you haven’t gotten your fill of trends and predictions for the year, here’s a list of 15. The last two may surprise you.
15 Things to Watch in 2015 in the Payments Industry
EMV in the USA, faster payments, and the payments implications of Apple Watch and other wearables top the list of 2015 payments trends in this [...Continue Reading]