Stax

JANUARY 23, 2025

Key steps include application review, risk assessment, credit checks, and compliance verification. Step 4: KYC and AML Checks Compliance officers or automated systems integrated with KYC and AML verification services verify the identity of business owners and ensure compliance with anti-money laundering regulations.

Underwriting

Stax

NOVEMBER 21, 2024

However, you must do your due diligence and be sure that the payment gateway will integrate seamlessly with your existing systems and your PSP’s platform. As a small business owner, building a payment gateway from scratch may be too time-consuming and expensive. You are likely better off opting for a third-party platform.

Credit Cards

The Payments Association

JULY 15, 2025

Embedding Trusted AI and continuous ID verification is critical to counter synthetic media threats. This substantial prevalence highlights the critical importance of robust identity verification systems and ‘know your customer’ procedures in an increasingly digital financial landscape.

Financial Crimes

EBizCharge

JANUARY 21, 2025

Virtual terminals should implement strong payment security measures like encryption, tokenization, address encryption, address verification, and secure gateways to prevent fraud and data breaches. Merchants should do their due diligence to implement a secure virtual terminal that protects their business and builds customer trust.

Credit Cards

Neopay

JANUARY 30, 2025

Gaps in customer Due Diligence and Transaction Monitoring Some firms failed to collect or verify information on customers’ expected annual income or business turnover at onboarding, making it harder to identify unusual transaction patterns later.

Financial Crimes

Neopay

JULY 30, 2025

HM Treasury will collaborate with the Department for Science, Innovation, and Technology (DSIT) to produce joint guidance on using digital identities for MLRs identity verification checks. Transaction-based CDD triggers for art market participants and letting agents will now align with those for high-value dealers.

Money Laundering

Finextra

AUGUST 4, 2025

Every extra day spent on due diligence for a new customer is a day that customer might walk away. A unified compliance platform could help here, but adoption has been slow in some cases due to cost concerns or legacy systems. The opportunity costs of heavy-handed or inefficient compliance are very real.

AML

Cardfellow

MAY 21, 2025

Youll likely even get through the initial setup and may begin taking cards, because Square doesnt do upfront underwriting due diligence. However, later on they will likely realize it and close your account due to being a prohibited business type.

Accounts

Finextra

JULY 8, 2025

The aim is to reinforce a risk-sensitive and proportionate approach to Enhanced Due Diligence (EDD) obligations, particularly when dealing with domestic PEPs, their family members, and close associates. The guidance also clarifies that former PEPs must continue to be treated as such for a period of 12 months after leaving office.

Money Laundering

Segpay

NOVEMBER 26, 2024

In today’s digital world, online ID verification has become a crucial component of customer onboarding. As we move our personal, financial, and governmental interactions to digital platforms, the need for reliable and efficient digital identity verification processes has become critical. What is Digital Identity Verification?

Verification

Fintech News

FEBRUARY 18, 2024

But with innovation comes risk – especially around identity verification and fraud prevention. By implementing Sumsub’s no-code identity verification platform, dtcpay simplified Know Your Client (KYC) and onboarding to provide a smooth, secure user experience. Singapore is one of the world’s leading hubs for fintech innovation.

Verification

Fintech News

AUGUST 1, 2024

ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia, has expanded its capabilities in Singapore and Malaysia with an upgraded Know Your Business (KYB) service. JewelPaymentech, acquired by ADVANCE.AI

Due Diligence

PYMNTS

JANUARY 30, 2019

So the idea that the money laundering directive in Europe would mandate beneficial ownership as a part of enhanced customer due diligence “is, in some ways, the logical next step,” Gaddy said. In that case, the company checks two different sources in a given country with two different rule sets.

Due Diligence

PYMNTS

DECEMBER 19, 2018

The fourth money laundering directive that came out of the European Union, for instance, requires the verification of individuals on either side of a transaction. (In According to Gaddy, “that is that next level above what has to happen with enhanced customer due diligence.”.

Verification

Payments Source

DECEMBER 29, 2017

EXCLUSIVE – Cryptocurrency exchange, Poloniex is imposing a verification process on all its account holders, but is also providing a great incentive for them to do so.

Verification

Fintech News

JUNE 19, 2024

Sumsub, a global verification platform, has joined forces with financial software provider Finastra to enhance compliance processes for financial institutions worldwide. We are pleased to partner with Sumsub, following a rigorous due diligence process. ” said Martin ten Houten, VP of Business Development, Europe at Sumsub.

Compliance

Payments Dive

FEBRUARY 12, 2020

FinCEN put into effect the most stringent KYC regulations to date requiring FIs to comply with new Customer Due Diligence standards on beneficial ownership, along with multiple FAQs on ID collection and verification.

Best Practices

PYMNTS

MARCH 14, 2019

As businesses seek to expand their reach into new markets, they need to be sure they can handle due diligence for those new sets of consumers. Other financial service providers must rethink their due diligence approaches.

Money Laundering

Stax

NOVEMBER 27, 2023

KYC’s three main components are the customer identification program (CIP), which was imposed by the USA Patriot Act in 2011; customer due diligence (CDD); and regular monitoring of the customer’s account and activities, which is also called enhanced due diligence (EDD). In the U.S.,

Due Diligence

PYMNTS

DECEMBER 11, 2020

Battling remote onboarding fakery may be the face of this initiative, but video-based KYC as part of a robust identity verification strategy covers a good deal more than that. Another key advantage is that video ID can reduce verification time from days to minutes.”. That’s expected to cost banks an $168.9

Due Diligence

PYMNTS

DECEMBER 9, 2020

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.

Fraud Prevention

Fintech News

JANUARY 16, 2024

This acquisition marks a strategic effort by Encompass to develop an advanced Corporate Digital Identity (CDI) platform aimed at enhancing the identification and verification processes for corporate and institutional clients. CoorpID, launched in 2018 by ING Labs, addresses complex Know Your Customer (KYC) challenges.

Due Diligence

The Fintech Times

AUGUST 30, 2024

However, they must do their due diligence too, especially in the age of deep-fakes. With verification times of up to 15 seconds, this service ensures a high level of security, making it an essential tool for businesses that prioritise compliance and user experience.

Authentication

Finextra

FEBRUARY 18, 2025

Trustfull, a leader in identity intelligence for fraud prevention, today launches Domain Intelligence, a new suite of AI agents designed to automate KYB checks and merchant verification with deep online due diligence.

Due Diligence

PYMNTS

OCTOBER 13, 2016

Madhu explained that there are two segments of KYC — customer due diligence and enhanced due diligence. Customer due diligence covers the steps a business must take to identify and verify a consumer that is interacting with them digitally.

Compliance

Open Banking Excellence

NOVEMBER 7, 2023

It has the potential to quickly gain ubiquity at low cost, as it is based on the comprehensive customer due diligence checks already applied by banks to their 50 million customers. Banks spend around 5% of their revenue on AML compliance and customer due diligence (CDD). Sweden’s BankID – a precedent to follow?

Due Diligence

VISTA InfoSec

NOVEMBER 7, 2023

In essence, MFA requires multiple verification steps before an action is authenticated. How Multi-Factor Authentication Works MFA operates on a simple principle: to verify identity through multiple verification methods. System verification : The system checks the entered credentials. If correct, it triggers the MFA process.

Authentication

Segpay

APRIL 1, 2025

France and the United Kingdom have implemented strict age verification regulations to address this issue. The act mandates that online platforms take proactive steps to prevent minors from accessing harmful or age-inappropriate content and it emphasizes the responsibility of service providers to implement age verification systems.

Verification

PYMNTS

OCTOBER 4, 2017

4) that it launched its Global Business Verification solution aimed at providing a low-cost way to conduct due diligence on businesses around the world. The Global Business Verification solution achieves that by querying hundreds of government registers and public records in real time, the company said in the press release.

Due Diligence

PYMNTS

DECEMBER 10, 2020

Still, it was a wake-up call for the industry, showing that such lapses could result in significant fees and criminal prosecution if basic due diligence is not followed. . Another key advantage is that video ID can reduce verification time from days to minutes. s executives avoided potential jail sentences.

Due Diligence

Fintech News

MAY 22, 2024

IDVerse (Australia) IDVerse, formerly known as OCR Labs, is an Australian company specializing in identity verification technologies. IDVerse is trusted by startups, governments, and global enterprises, including Experian, HSBC, Vodafone, BMW, Virgin Money, and ANZ, for borderless and inclusive identity verification. Transparently.AI

Financial Crimes

The Paypers

MARCH 5, 2025

Fintech firm Trust2Connect (T2C) has launched a Know Your Business (KYB) platform designed to automate due diligence for business-to-business transactions.

Due Diligence

The Fintech Times

AUGUST 9, 2024

AU10TIX , the identity verification and management firm, has unveiled a new anti-money laundering (AML) solution, in a move to help businesses ensure a safer approach to risk mitigation. By providing a one-stop shop for all identity verification and AML compliance needs, AU10TIX ensures businesses can operate securely and efficiently.

AML

Finovate

DECEMBER 6, 2023

KYC Portal’s KYC Portal CLM is a Customer Due Diligence (CDD) and anti-money laundering (AML) orchestration platform. The solution works in real-time to automate, centralize, and simplify the due diligence process. KYC Portal began the month with news that its platform had earned a spot on the RegTech 100 for 2024.

Due Diligence

PYMNTS

SEPTEMBER 28, 2020

A Marriage Of Advanced Tech With Due Diligence. As the latest Preventing Financial Crimes Playbook states, “Curbing identity fraud’s rise will require the marriage of advanced technologies with due diligence from customers.

Financial Crimes

Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. The prospective customer is then eligible for the organization’s KYC verification. KYC onboarding is, therefore, an act of customer due diligence and enhanced due diligence.

Process

PYMNTS

MARCH 14, 2017

specifically, identity verification has long relied on credit-based data — the existence of credit history along with knowledge-based authentication (KBA) questions — in digital channels or by showing a physical, government-issued ID in person. Essentially, the identity verification process can be a major friction point. In the U.S.

AML