BASIS ID, a global digital identity verification provider, and innovative Swag Corporate announce a partnership focused on streamlining verification and compliance processes for Swaggy, the SWAG App that allows using bitcoin with a euro bank account. 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.

2020 has been a difficult year for all of us. Humanity experienced vicious natural disasters, global pandemic, civil unrest all over the planet. Just when we thought we’ve seen it all — something even more unprecedented arrived. 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 increasing level of fraud in various areas of life, especially in banking, leads to the development of new types of customer identification. Behavioral biometrics is one of these. Despite its wide usage, for many people, it still sounds like something out of Science Fiction. In this article, you will…

BASIS ID, an innovative electronic identity verification company, providing KYC and AML solution, along with risk and fraud management services worldwide, is pleased to announce a successful launch of a new real-time, biometric e-ID verification software product called «Entr». The official launch date for Entr is 21st of September. This…

Recently, South Korea has approved new anti-money laundering measures for the digital currency sector. — The new rules came into force on April 25, 2021. They have imposed harder and stricter conditions on Virtual Asset Service Providers (VASPs) in managing risks of money laundering and other crimes related to it. These measures are the latest example of South Korea working hard to comply with new Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) directives in the virtual asset space.

There are many ways to build a compliant FinTech: from creating an in-house identity verification software to partnering with a KYC and AML service provider. We have prepared a checklist for designing an effective KYC process, no matter whether you are integrating a 3rd party solution or building one on your own. — 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.

According to the United Nations Office on Drugs and Crime the amount of money laundered each year is 2% to 5% of global GDP. In order to combat money laundering and terrorist financing, the Know Your Customer (KYC) procedure was introduced, which is a part of a broader Customer Due Diligence (CDD) process. Every bank or financial institution has to implement KYC into its onboarding process. KYC, however, often includes address verification. What is Proof of Address (PoA)? Why and when should you use it?

Southeast Asia consists of 11 countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor Leste, and Vietnam. Despite having so many countries, only some of the regional regulations differ. These states usually take best practices from each other and often have similar legislation especially regarding the safety of financial services. — 1. Indonesia is Making Cross-Bank Transactions Cheap

5AMLD came into force on January 10, 2020 but do you know what your company needs to do about it? What are the biggest changes and how can you stay compliant? — 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…