Articles
Oct 13, 2021
How to strike a balance between fraud prevention and seamless customer onboarding
Our Identity Verification solution makes onboarding as hassle-free as possible for your users. Digital identity verification has become a crucial part of onboarding customers, with businesses needing to check that they are genuine, protect customers’ data and mitigate fraud. Having identity verification embedded into your online customer journey ensures you have identified and verified your customers’ identities. Even so, it can be challenging to establish a balance. Finding the best way to streamline the customer’s digital experience while complying with know your customer (KYC), anti-money laundering (AML) industry requirements isn’t easy. Businesses are often forced
Articles
Aug 10, 2021
Be the company people trust: why you need to prioritise data privacy
It’s not just your consumer’s responsibility to protect their personal data, but yours too. Everyone is in on the conversation of data privacy; if you don’t make it a priority, then you risk losing your consumer’s trust. With the rise of online services and the ever-growing move to a digital world, consumer concerns over data privacy and how businesses handle their information have risen. People are no longer comfortable sharing their personal information now that they’re more aware of its value and potential misuse. A McKinsey survey discovered that 87 per cent of consumers say they
Articles
Aug 06, 2021
How AI and machine learning can help build better AML programs
As financial institutions move towards FATF-recommended risk-based AML programs, artificial intelligence (AI) and machine learning can help them be more effective and efficient in the fight against financial crime. The global framework for fighting financial crime white paper by The Institute of International Finance and Deloitte LLP highlights that: There is growing consensus that the current global framework for fighting financial crime is not as effective as it could be and that more needs to be done at the international, regional and national levels to help identify and stem the flow of illicit finance –
Articles
Aug 04, 2021
Regulatory expectations are evolving: How robust is your AML program?
Managing financial crime is very complex and presents several challenges for financial institutions to develop robust anti-money laundering (AML) programs and meet compliance requirements. AML compliance officers understand the importance of keeping one step ahead of criminals trying to find weak points in their financial systems to exploit. Continuous discussions by industry leaders at the forefront of combating financial crimes agree that more needs to be done sooner to detect and prevent money launderers from misusing systems. Thought leader Kevin Buehler from McKinsey wisely points out that “the stakes in this fight have never been higher
Articles
Aug 02, 2021
A closer look at the ever-changing anti-money laundering landscape
In the fight against financial crime, the anti-money laundering landscape is ever-changing. The global battle against financial crime is a challenging one fought by governments, regulatory bodies, and industries. Every financial institution and organisation that provide financial services must better equip themselves against the growing threat of money laundering. Financial institutions are the most significantly impacted by money laundering and terrorism financing year on year. The United Nations Office on Drugs and Crime estimates that the amount of money laundered globally is between 2 – 5 per cent each year, which in USD is between
Case studies
Jul 06, 2021
How AvantiGas reduced their contract signing cycle by 75% with Yoti
“For our requirements, Yoti delivered exactly the same functionality as the market leaders, but for a fraction of the cost. The staff at Yoti have been helpful and accommodating all the way through. They communicate with us on a regular basis to make sure the product is appropriately adopted and as well as informing us about the latest improvements.” Simon Ashton Project Manager at AvantiGas AvantiGas is one of the UK’s leading suppliers of versatile, renewable and safe off-grid LPG (Liquefied petroleum gas) energy solutions. We helped them: Reduce their contract signing process