Identity verification
Articles
Oct 28, 2021
Get ahead of new age and identity verification regulations with our handy guide to know your customer (KYC) processes
It’s no longer financial institutions, real estate, art dealers, casinos, lawyers, and accountants who are the main targets for financial crimes online. Criminals are finding it harder to use them for money laundering due to rigorous regulations and effective know your customer (KYC) processes. To go undetected, they have set their sights on online multiplayer gaming, online marketplaces, FinTech, online gambling and many more small and medium businesses. Lawbreakers are attracted to these platforms because they have little to no anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. For example, multiplayer online gaming platforms have experienced
Press releases
Oct 18, 2021
Yoti approved to commence accreditation as a private digital identity provider under the Australian Government’s Trusted Digital Identity Framework
We have now been approved to commence accreditation as an identity provider under the Australian Government’s Trusted Digital Identity Framework (TDIF). The stringent accreditation process has already begun to validate the Yoti app and embedded ID verification platform under the TDIF accreditation standards. Accreditation will enable us to perform digital identity transactions to relying parties and verify individuals to a high level of trust. Trusted Digital Identity Framework: making space for digital ID As part of Australia’s drive to be a leading digital economy by 2030, the Australian Government Digital Identity System – led by
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 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
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