The crypto and traditional finance worlds are beginning to merge, as crypto’s fresh, upstart attitude falls more in line with the more stable but slower traditional finance. Crypto has struggled with a reputation of aiding and abetting money laundering, providing anonymity for fraudsters and criminals alike.
As the two worlds meet, a matchmaker is needed to bridge the gap between them. Read the full story here.
It has taken a geopolitical crisis, the exposure of massive fraud around COVID payments and the rise of crypto for it to hit home why anti-money laundering and fraud checks matter at every level. Government and regulators are reacting to increasing financial crime by mandating more checks for more firms in more sectors.
Read more
The importance now placed on data collection is huge. Our economy is no longer trust-based, it is now proof-based, and firms are under increasing pressure from regulators to know more about their customers. Add in the fact that companies need to take into account all financial data sources people have, from loans to multiple bank accounts and payslips, as well as non-financial data, such as personal data and identification checks, it is no surprise that companies are struggling to verify this data.
Read more
