Since 2013, we have published over 650 posts about innovations in identity verification, AML/KYC compliance, regulation technology (RegTech), payments, fintech, financial inclusion, cross-border commerce and similar topics. In that time, there has been incredible developments in the technology and major changes in regulations, a never-ending array of new information to discover, consider and digest.
Throughout all these changes, there’s one commonality driving progress in the identity industry; the belief in the value that new identity technology has to improve lives, expand business and build trust online. From the dawn of a new industry, RegTech, to the start of another, Mobile ID, it’s about using technology to recreate the power of face to face relationships.
While technology is at the core, in the end it’s about people; people being able to access services online quickly, easily, and securely; people having the best tools available to help their business meet compliance requirements while reducing fraud as they scale into new markets; people being able to trust each other so they can talk, trade and transact online. It’s easy to get caught up in the latest and greatest but the technology is there to serve our personal, business and societal goals and we need to ensure that every technical adoption keeps this in mind.
Our blog will continue to examine how technology can improve identity and, more importantly, how that affects us. For now, let's look at the ten most popular posts that we have published to date.
This post, originally published October 17, 2016, quickly became a popular post; people want to know the necessary requirements to comply with Know Your Customer laws. It also demonstrates that people like to get a quick overview into topics, as can be witnessed by the three steps aspect of the post. Since the publish date, we continue to update the post with news and information to ensure the post remains relevant on an ongoing basis.
This KYC post, by compliance lawyer Michael Volkov, provides a list of steps and procedures that every AML program should consider. As opposed to always being our perspective, these guest posts allow our us to present another viewpoint. And, as Michael is a well-respected lawyer, his opinion is always interesting and makes a great deal of sense.
While most of our posts are of interest to people in the industry, this post garnered lots of consumer interest. That consumer interest demonstrates the difficulty of sending money, especially when it’s cross-border. High fees as well as slow and cumbersome processes have created an opportunity for fintechs to introduce new money transfer services.
Our newest post to make the list, we find that our audience are always interested in upcoming regulations and what they need to do to comply. The FinCEN Final Rule is the US, which requires beneficial ownership information for companies, highlighted the need for business verification. With that laws applicability date of May 11, 2018 only happening fairly recently, it’ll be interesting to watch for reports on the impacts on business and any updates from regulators.
In 2017, Bitcoin and other crypto’s went from a techie topic to the mainstream. Along with the jump in prices came a whole new industry, as the ICO industry took off. With all the public attention, it quickly became apparent that regulators had questions about their legality. In this post from June of that year, we examined the legal status of crypto and ICOs and suggested that AML/KYC procedures would need to be followed. Now, just over a year later, AML/KYC is standard practice for ICOs.
Another post about cross-border payments, this one focused on payment service offerings in Latin America. Combining rapid development with online technologies makes for significant opportunities for those entering the market.
Beneficial ownership requirements aren’t limited to the US; as 4AMLD included similar regulations, those operating in Europe also were very interested in the topic. This post examined some of the questions we had heard from compliance personnel around the world as they tried to get theirs heads around the rules and the specific steps they should take to comply.
The EMEA region has over two billion people and covers many different countries and payment systems. For those who want to expand or optimize their operations in these countries, the ability to quickly integrate into new markets is critical. This post looks at some companies that are able to perform in multiple jurisdictions across a broad range of different cultures, preferences and economic markets.
Non-compliance is an idea that many people in the industry don’t even want to think of. But, forewarned is forearmed, so this post helps to spell out some of the potential issues if your compliance systems and processes somehow fail. Please don’t read this post right before bedtime, as it could cause restlessness or nightmares.
AML compliance is a complex, important topic. For many, that is overwhelming and they don’t where to begin or how to keep on top of it. Our AML compliance checklist was written to be informative and comprehensive, yet reasonably concise and current. We continue to update the post as we want to continue to help our audience find the information they care about.
We will continue to strive to deliver the most interesting and relevant information regarding identity compliance and technologies. Stay tuned!