Money 2020 in Las Vegas brings you 10,000 participants from over 75 countries, 500 speakers, and 3000+ companies. By bringing in disruptors and innovators across financial services, payments, and e-commerce, Money 2020 promises to deliver some of the most productive days on the industry calendar.
This year, LendIt Europe brings together some of the most important people and largest companies in the space. There are over 150 speakers from 25 countries representing banks, online lenders, P2P lenders, law firms, and media. Of all of the sessions, listed below are the ones we found most interesting.
On August 25th, IdentityMind. in conjunction with the Lending Times, hosted a panel discussion in San Francisco, California. The panel was focused on the adoption of RegTech and how it can help companies as they scale. Here’s a look into what was discussed.
We recently wrote about how Identity Fraud Rings use compromised identities from data breaches to commit illegal activities. Last week, Yahoo! revealed it had suffered a massive data breach - 500 million user records were reportedly compromised — “the biggest known intrusion of one company’s network”.
Sanctions Screening review of a flagged individual or company isn't hard, but it does take time, on average more than 19 minutes per flag. That’s not a lot of time, but when Financial Institutions (FIs) have thousands of flagged applications to review every day, it becomes a fulltime job for a team of people. The operational burden of clearing a large number of flagged applications impacts your profit margins by potentially reducing the number of customers accepted, and by increasing the cost of compliance operations, including regulatory fines.
A Millennial Answer to the “Know Your Customer” question... Or a brief introduction to the future of trust
The trends for Anti-Money Laundering seem particularly clear this year: 1) More Enforcement; 2) Efficiencies in Compliance, and 3) Challenges with the explosion of FinTech. We can see the reflection of these subjects in ACAMS agenda for their fall conference in Las Vegas.
These are key sessions at the ACAMS conference that we are looking forward to attend. We have divided them into two categories:
Virtual Currencies: Court Rules that Selling Bitcoin Is Not Money Transmitting and Selling Bitcoin to Criminals Is Not a Crime
Guest blogpost by Serrin A. Turner, Benjamin A. Naftalis and Pia Naib of Latham & Watkins LLP
The ruling is an outlier driven by its unique facts and is unlikely to change the general regulatory landscape for Bitcoin businesses.
High Risk processing is typically used when a processor or acquirer finds the account to be either in a list of unacceptable merchant types or the history of processing matched with the sales volume exceeds guidelines set by the processor.
High risk also differs at each merchant processor. One Processor may consider your length of processing history to be a deciding factor while another may be more concerned with the industry type you are selecting to process under.
In every scenario the underwriting process must meet a set of specific guidelines set by each processing entity and those guidelines will determine the associated risk of the business and deem it necessary for a higher risk processing model.
Identity fraudsters usually work in groups. Called “fraud rings”, these groups operate very similarly, differing slightly depending on their particular fraud activity.
In this post, we’ll deep dive into identity fraud rings. We’ll explore their financial impact, how they operate, and we’ll take a look at the strategies that you can use to protect your business from them.