Everything from innovation to transaction volume is rapidly increasing in the digital world. And as transaction volume goes so does fraud, money laundering and the cost of compliance.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), recently updated the Anti-Money Laundering regulation applicable to Financial Entities (FE's) that need to validate customers in Canada. Below is a breakdown of the changes to existing regulation for Identity Verification and for politically exposed person (PEP) screening.
Guest Blog Post by Pratin Vallabhaneni, Associate, Arnold & Porter LLP
Operating a business in the virtual currency industry presents many of the same problems that are faced by any start-up company. However, virtual currency businesses (VCBs) also face a set of unique obstacles, particularly when operating in the United States. One such obstacle is the difficulty or inability to obtain or maintain a relationship with a bank. To explore this issue in detail, my colleagues and I, in collaboration with Coin Center, researched the state of affairs of banking VCBs and recently released a report entitled “Overcoming Obstacles to Banking Virtual Currency Businesses.” 
In this blog I will detail, at a high level, some of the findings and recommendations from the report and highlight some of the recent regulatory developments that may be of interest to VCBs.
On July 20th, Bright Talk hosted a webinar titled: Mobile Payments: Disruptive innovations or security threat? The distinguished panel included IdentityMind's Head of Products and Marketing, Jose Caldera. Other panelists included Kristian Sørensen from Norfico, Mario Maawad from CaixaBank, Giles Sutherland from Carta, and Douglas Kinloch from Inside Secure.
Case Management and SAR (Suspicious Activity Report) filing go hand-in-hand, with an effective case management program significantly bolstering the quality of SAR filing and recordkeeping capabilities. So, what should you look for in a case management and SAR filing programs?
Last week, the New York Department of Financial Services (NYDFS) unveiled new risk-based regulations for all Financial Institutions (FI’s) with customers in New York. The first two rules are effective January 1, 2017, providing less than six months to build an effective risk based system, while the third requires its first submittal on April 15, 2018. What’s involved with these new rules? Let’s take a closer look.
As online transactions have skyrocketed, so have online fraud and money-laundering. The United Nations Office on Drugs and Crime (UNODC) estimates that criminal proceeds from fraud amounted to 3.6% of global GDP, or 1.6 trillion USD. In general, criminals look to:
Online lenders have built their business using new underwriting and credit scoring algorithms that use alternative data sources to complement or even replace traditional data sources. However, these demographics don’t typically have the same rich records as other customer groups. That makes it harder to understand who they are and harder still to determine their potential risk.
With regulatory and industry pressure to strengthen the security of card present transactions through chip cards (EMV), credit card fraud has moved further into the e-commerce arena. Since October, online e-commerce fraud has jumped 11%. In monetary losses, that means that $4.79 out of every $100 are at risk of fraud. In 2016, fraud will hit 4 billion in losses and the expectation is that that number will reach 14 billion by 2020. This is the result of EMV pushing fraudsters into the CNP e-commerce space. The need to secure your online customer portfolio is at an all-time high, and the risks of complacency are rising.
IdentityMind Global Named Top 20 Most Promising Risk Management Solution Provider by CIO Review Magazine
We are excited to announce that IdentityMind Global has been recognized by CIO Review as one of the most promising risk management solution providers. Our core eDNA technology, enabling trusted digital identities based on monitoring online transaction, behaviors, and external data, was central to the selection process.