Remove Due Diligence Remove Monetary Loss Remove Verification
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Economic Crime and Corporate Transparency Act examined: A guide to avoiding failure-to-prevent fraud measures

The Payments Association

The Home Office outlines six key principles: tone from the top, due diligence, risk assessment, proportionate procedures, monitoring/review, and communication/training. The issue of fraud is growing in the UK, with the average monetary loss per corporate fraud case being 21,433 in Q2 2023 , the highest among all fraud types.

Crime 88
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Refinitiv Completes Purchase Of GIACT For Fraud Prevention Expansion

PYMNTS

9) that it’s successfully completed its acquisition of GIACT and has expanded its suite of products for fraud prevention and identity verification. GIACT’s real-time payment analytics are a great addition to our existing strength in anti-money laundering and digital identity verification,” he said, according to the release.

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Know Your Customer (KYC): What It Is and How to Comply

Stax

Of course, financial criminal activity doesn’t have to just lead to monetary loss—it could also lead to a data breach of customer information. Introduce the customer identification program (CIP) Basically, the CIP requires that companies get four pieces of identifying information about their client for identity verification.