The cooperation is aimed to pursue the following goals:
1. SWAG needs seamless, secure and 100% compliant verification for the digital onboarding of their customers.
2. In addition to liveness checks and biometrics, SWAG needs a fast and smooth address verification solution.
As one of the COVID-19 pandemics consequences, the cybercrime rate has increased significantly across the globe while the regulatory demands for the cryptocurrency sector are getting higher than ever. The requirements to monitor financial transactions, along with sanctions screening and analysis for money laundering have become a very serious concern for many cryptocurrency businesses. …
A global economic downturn has driven an increase in searching for alternatives in an attempt to rescue one’s financial security through digital transformation across many sides of life and business.
The urgency with which new tech is being deployed raises many risks. Of course, regulations are getting tighter than ever.
Discover five BASIS ID 2020’s articles that will help your business meet all the regulatory requirements in 2021 without compromising customer satisfaction.
The security of financial assets is the top priority of every organization. In the retail or insurance sectors, the security is provided by the terms of the agreement…
FinTechs have a massive risk of being involved in money laundering, terrorist financing, or other types of financial fraud. However, some measures help reduce those risks. One of the tools to mitigate the danger of criminal activities taking place on your platform is KYC.
Know Your Customer (KYC) is not only a process of verifying your customer’s identity. It’s also determining client’s risks, being compliant with specific regulations, building a seamless onboarding process, storing data, conducting ongoing monitoring, making reports to authorities, and much more.
Creating a KYC flow might seem overwhelming when trying to balance fraud prevention, compliance, and…
Address verification is a process, during which you make sure that a person lives where they claim to live. It also ensures that address data is accurate and up to date. Address verification services can also check that the address is accurate and exists as well as whether it is a residential or a commercial building.
There’s a global trend of moving from cash to cashless transactions. In Indonesia, however, 50% of transactions are completed with cash.
In 2017, Bank of Indonesia (BI) in order to promote the sustainable development of cashless transactions introduced The National Payment Gateway (NPG) or as it’s known in Indonesian language — Gerbang Pembayaran Nasional (GPN).
NPG was created to have a smooth, safe, efficient, and reliable national payment system. It establishes an interrelated and interoperable ecosystem, which lowers cross-bank transaction costs.
Indonesia requires all of the cashless transactions made on the territory of Indonesia to be processed through NPG. …
European Union always strives to combat Money Laundering and Terrorist Financing. One of the measures for doing so is a set of regulatory requirements called Anti Money Laundering Directive or AMLD. Recently, on January 10, 2020 The Fifth Anti Money Laundering Directive (5AMLD) came into force. It was adopted on May 30, 2018. 5AMLD is an amendment to 4AMLD, which came into effect on 26 June, 2017. 5AMLD tries to address weaknesses in the European Union’s Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT) regime.
According to the 5AMLD factsheet, 5 primary goals of the directive are to:
Coronavirus has hit the restart button for global economies.
From news of its first incidence in December 2019 to March 2020, the economic path wrought by Coronavirus has been a dramatic journey. As the Coronavirus spread exponentially from Asia to Europe, it brought about a change in events that nobody could have ever foreseen. With the Q1 of 2020 drawing to a close, Europe is grappling with the burden of widespread Coronavirus incidences and huge casualties, while China where it first began has recovered quick and jumpstarted its economic activities.
The World’s economy is suffering COVID-19 pandemic consequences. According to the Center for Strategic and International Studies Chinese economy is worse than originally estimated: China automobile sales decreased by 80% and exports sank by more than 17%. China’s first-quarter GDP is predicted to drop for the first time since 1992.
BASIS ID will dedicate 1 million free verifications to companies from the APAC region to aid them recover from the crisis.
During this difficult time, COVID-19 is restricting face-to-face contact between people, whereas the necessity to conduct customer identification and verification remains. Moreover, ensuring security of relations with the clients and partners has never been so important for SMEs. BASIS ID will support enterprises from APAC by dedicating 1 million free identity verifications.
“We have made a decision to support companies in our economic region, as they still need to operate during the pandemic and require identity verification. We have…
Anti Money Laundering becomes a widely used term in the financial industry and moreover becomes a term that is making headaches for the financial institutions itself. AML as a function gets high attention due to the scandals that arise from the biggest financial institutions and the amounts of imposed penalties. For maintaining compliance with the regulations, often there are certain measures that an entity needs to implement.
Money laundering is the process of converting the proceeds of illegal activities into funds that originate from seemingly legal sources without identifying their true source, nature or ownership, i.e. …