Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. KYC onboarding is, therefore, an act of customer due diligence and enhanced due diligence. No customer wants to encounter it when they sign up with an organization.

Process 52

Process Due Diligence AML Verification 52

The Paypers

OCTOBER 17, 2017

(The Paypers) SWIFT has aligned its Know Your Customer (KYC) Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for Correspondent Banks.

SWIFT 28

SWIFT Due Diligence Correspondent Bank Correspondent 28

Neopay

JANUARY 25, 2024

It also introduced new provisions in Article 19b to Directive (EU) 2015/849, mandating the EBA to clarify the due diligence requirements CASPs should apply in high ML/TF risk situations, and when entering into correspondent relationships with respondents that are CASPs from non-EU countries.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

PYMNTS

SEPTEMBER 24, 2020

Westpac also failed to properly vet “suspicious transactions associated with possible child exploitation,” or to adequately monitor potential money laundering risks stemming from corresponding banking relationships, including those “with known higher-risk jurisdictions,” AUSTRAC said in a press release.

Regulations 46

Regulations Money Laundering Due Diligence Law Enforcement 46

Finovate

APRIL 9, 2024

Swift is building instant international payments to replace the archaic correspondent banking infrastructure. GovernGPT is an AI-based database that pre-populates due diligence questionnaires with recent and trusted data. Infinity is a banking and payments platform for cross-border businesses in India.

FinTech 52

FinTech Cross-Border Due Diligence AI 52

FICO

FEBRUARY 9, 2021

Customer due diligence to identify shell companies should also cover IWT though the same challenges often apply — just like other items like counterfeit goods, wildlife trade Items are sold under wrong goods description like food, plants, or medicals. Keeping an eye out to ensure transactions types match profiles is a good first step.

Money Laundering 52

Money Laundering Crime Financial Crimes Due Diligence 52

Seon

MAY 10, 2024

When classified as high risk, Enhanced Due Diligence (EDD) is performed to provide a deeper analysis of the potential risks. Digging Deeper: AML Compliance Screening and Monitoring Part of AML compliance includes screening to help pinpoint individuals who may pose a higher risk due to their positions, associations or past behaviors.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Nanonets

APRIL 16, 2023

 For manual submissions of invoices, due diligence is required to ensure accuracy. Once matched, Payables updates the quantity billed for each matched shipment and its corresponding distribution(s) by the amount entered in the Quantity Invoiced field. Payables also updates the amount billed on the PO distribution(s).

Automation 52

Automation AI Duplicate Accounts 52

Fintech Labs Insights

APRIL 17, 2017

Cadre undertakes all sourcing and due diligence on properties before presenting the opportunities to investors. For debt and preferred equity investments, users invest in notes corresponding to the loan and typically receive payouts monthly. The company focuses on commercial, retail, and multifamily properties in all major U.S.

Accreditation 19

Accreditation Technology Returns Due Diligence 19

PYMNTS

NOVEMBER 19, 2018

Despite the efforts of regulators, correspondent banking relationships continue to decline, according to the G20’s Financial Stability Board in a Reuters report late last week. percent drop in correspondent banking last year. percent drop in correspondent banking last year.

Cross-Border Payments 74

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 74

CB Insights

FEBRUARY 8, 2018

Today, a simple bank transfer — from one account to another — has to bypass a complicated system of intermediaries, from correspondent banks to custodial services, before it ever reaches any kind of destination. That would help alleviate the high costs of maintaining a global network of correspondent banks.

Blockchain 78

Blockchain Bitcoin Correspondent Bank Cryptocurrency 78

The Payments Association

MAY 14, 2025

Rewiring the cross-border payments paradigm: Risk and security in correspondent banking confirmation May 12 2025 by Payments Intelligence LinkedIn Email X WhatsApp Whats the article about? Yet much of the system still hinges on a half-century-old correspondent banking model and a fragmented regulatory landscape. Why is it important?

Cross-Border Payments 88

Cross-Border Payments Correspondent Bank Cross-Border Correspondent 88