As a service provider for obligated organizations, it is essential to understand the factors driving the need for collaboration with regtech providers. It’s not just about adopting new technology; the real potential lies in effectively addressing anti-money laundering (AML) threats and streamlining regulatory compliance. Regulators consider regtech to be critical to modernizing the financial sector and ensuring clarity in supervisory expectations.

Identity verification has become an essential aspect of various industries in today’s world. With the advent of technology and the growth of the digital economy, it has become increasingly important for businesses to verify the identities of their customers, clients, and partners. However, regulated industries such as finance, healthcare, and gambling face unique identity verification challenges due to the sensitive nature of their services and the regulatory requirements they must comply with.

Anti-money laundering (AML) compliance in the mobile money industry has become increasingly important in 2023. With the rise of mobile money transactions, regulatory bodies are ramping up efforts to combat money laundering and terrorist financing. In this infographic, we explore the technology involved in AML screening, the importance of AML compliance in the industry, and best practices for financial institutions.

Financial institutions (FIs) or Fintechs have historically been hotspots for fraudulent activity. The sector is a popular target for identity theft and online banking fraud, as well as financial crimes such as money laundering and terrorism funding. But, in the previous decade, its security has grown dramatically. It is now progressing to the next level of sophisticated security, Biometric Verification.

OCR is the process of using technology to read characters from printed or handwritten text included inside digital images of actual documents, such scanned paper documents (optical character recognition). OCR’s primary function is to read a document’s text and convert the characters into code that may be used for data processing. Another name for optical character recognition is text recognition (OCR).

When a consumer opens a bank account, the bank goes through a procedure called bank account verification. It enables all required checks to be made on the account user and the source of their income, successfully stopping illegal activities like money laundering and the financing of terrorism. In this post, we’ll examine how to validate a bank account and its owner, as well as the legal considerations that must be made while validating a client’s bank account.

Banks and fintech have been ordered by SEBI to ensure that investors complete transactions for mutual funds using e-wallets that comply with KYC requirements. The start date for this is May 1, 2023. The most recent SEBI circular suggested that all e-wallets fully comply with the RBI’s KYC requirements. In 2017, SEBI gave permission for fund firms to utilise e-wallets to collect up to Rs. 50,000 each fiscal year.

User onboarding, in particular for SaaS organisations, may raise the bar for your product. More sales may result straight from onboarding. So, encouraging new users to stay is essential. Additionally, the best way to build a community around your SaaS offering is through satisfied customers. These two factors are the precise reasons why the initial few client contacts must be successful.

Belgium: The country’s telecom authority has given a telco in Belgium , which is the largest cable broadband service provider, permission to utilise facial biometrics for remote identity verification. According to the Belgian Institute for Postal Services and Telecommunications (BIPT), the telecom operator responded to an email with clarifications on how the implementation of biometrics fits within the nation’s electronic communications framework.

In today’s digital world, identity theft and fraud have become increasingly common occurrences. It is no secret that fraudsters are getting more creative, making it more challenging for businesses and individuals to protect themselves. However, with the advent of technology, there are various ways to mitigate these risks, such as using government databases for ID verification.