Identity verification
How AI and machine learning can help build better AML programs
As financial institutions move towards FATF-recommended risk-based AML programs, artificial intelligence (AI) and machine learning can help them be more effective and efficient in the fight against financial crime. The global framework for fighting financial crime white paper by The Institute of International Finance and Deloitte LLP highlights that: There is growing consensus that the current global framework for fighting financial crime is not as effective as it could be and that more needs to be done at the international, regional and national levels to help identify and stem the flow of illicit finance –
Regulatory expectations are evolving: How robust is your AML program?
Managing financial crime is very complex and presents several challenges for financial institutions to develop robust anti-money laundering (AML) programs and meet compliance requirements. AML compliance officers understand the importance of keeping one step ahead of criminals trying to find weak points in their financial systems to exploit. Continuous discussions by industry leaders at the forefront of combating financial crimes agree that more needs to be done sooner to detect and prevent money launderers from misusing systems. Thought leader Kevin Buehler from McKinsey wisely points out that “the stakes in this fight have never been
A closer look at the ever-changing anti-money laundering landscape
In the fight against financial crime, the anti-money laundering landscape is ever-changing. The global battle against financial crime is a challenging one fought by governments, regulatory bodies, and industries. Every financial institution and organisation that provide financial services must better equip themselves against the growing threat of money laundering. Financial institutions are the most significantly impacted by money laundering and terrorism financing year on year. The United Nations Office on Drugs and Crime estimates that the amount of money laundered globally is between 2 – 5 per cent each year, which in USD is
Practice guide 81: digital identity verification for conveyancing
On 12 March 2021, Her Majesty’s Land Registry (HMLR) published its first digital identity standard, practice guide 81 (PG81). The standard is aimed at encouraging the use of digital identity to reduce the inconvenience and inconsistency of manually verifying a client’s identity during the homebuying process. Reducing the need for physical document checks performed by non-specialists can mitigate opportunities for fraud, increase convenience and lower costs for all parties involved in the home buying process. The standard follows the draft set of requirements, published in November 2020, which Yoti provided feedback on. Practice guide 81:
GPG 45 guidance on identity checks opens up for the private sector
In April, we wrote about the significant changes made to the Good Practice Guide (GPG) 45, the UK government’s standard for checking and verifying someone’s identity. If you’ve ever had to verify your identity with the government, it’s likely the process followed GPG 45. The guide is made up of five parts: Get evidence of the claimed identity; Check the evidence is genuine or valid; Check the claimed identity has existed over time; Check if the claimed identity is at high risk of identity fraud; Check that the identity belongs to the person who’s claiming it.
Online gaming innovators MrQ speeds up KYC with digital verification technology from Yoti
3rd November 2020, LONDON — Online gaming operator MrQ.com is enhancing the customer experience while tackling identity fraud using Yoti’s advanced identity verification technology for KYC. Yoti’s integrated solution brings a simple, private and secure identity verification flow to MrQ.com’s games on the web, mobile, and tablet. MrQ.com built its platform from the ground up to deliver a fluid customer-led experience, which eliminated all wagering requirements and led with a product-first strategy delivered through modern technology and a pulse across all data points. Yoti is now embedded into the MrQ.com platform to deliver know-your-customer (KYC) and anti-money laundering (AML) checks.