Spotlight Report - FinTechs

AML and KYC Vulnerabilities

An in-depth look into the issue to help you to identify weaknesses in your existing compliance framework.

Financial technology businesses, more commonly known as Fintechs are transforming the financial services sector to the enormous benefit of customers.

Using innovation and technology to deliver services ranging from mobile banking and payments to robo-powered financial advice, they have disrupted the incumbents of financial services and captured significant market share.

But just as criminals have long attempted to launder money through conventional financial services businesses, so they are now trying to do the same through Fintechs.

KYC and AML are powerful complements to each other and important elements for Fintechs looking to protect themselves against fraud and financial crime. Both involve verifying the identity and legitimacy of individuals and organisations through rigorous checks. In itself, that makes it harder for criminals to operate. In addition, AML checks help to uncover the money trail, understanding where money comes from and how it’s spent so that organisations can ensure it’s not laundered through them.

In this industry report, we examine:

  • Where fintechs may be vulnerable to AML risk
  • The current regulatory environment in the UK, EU, and US
  • The requirements for customer due diligence (CDD) and enhanced due diligence (EDD)
  • Screening for sanctions, ultimate beneficial owners (UBOs), and politically exposed persons (PEPs)
  • How to ensure compliance with AML regulations

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