Fighting Crypto’s $1.2B+ Fraud Problem

Regulators are pushing for greater oversight of cryptocurrency, with anti-money laundering (AML) and counter-terrorist financing (CTF) watchdog, the Financial Action Task Force (FATF), recently releasing guidelines intended to make digital asset transactions more transparent. That’s not the only sector getting greater oversight, either: Mobile wallet providers operating in India will soon be required to be fully compliant with know your customer (KYC) regulations.

Governments and other entities around the globe are strengthening regulatory measures, and not all companies have been keeping up. The July “AML/KYC Tracker” reports on the latest.60%: Share of surveyed Asia Pacific banks that do not have fully digital onboarding processes


Around the AML/KYC World

Mobile banking app FinTech N26 is one such player that has allegedly been struggling to keep compliant. German banking regulatory BaFin instructed N26 to address its backlog of flagged transactions, redo KYC checks on some customers and perform other steps to protect against fraud.

Regulators also came down on online casino operator SafeEnt for AML, responsible gaming and KYC issues and violations. The problems were so severe that Swedish gambling authority Spelinspektionen revoked SafeEnt’s operating license.

Meanwhile, other players are looking to help ease companies’ compliance efforts. Financial markets data and infrastructure provider Refinitiv is reportedly introducing a service designed to support KYC and risk management in the wealth 30%: Share of surveyed FIs that said at least one of their AML components is "somewhat" or "not at all" effectiveand advisory sector. Refinitiv’s entry into this market follows on other expansion efforts, including a June partnership with Trulioo that enables Refinitiv to provide digital identity verification in the financial services sector.

Find all the latest headlines in the Tracker.

Keeping Crime Out of Crypto

Cryptocurrency trading platforms are working to fight back against criminals who seek to launder money and implement scams to steal legitimate users’ funds through the platforms. Making a trustworthy, compliant platform requires insightful identity verification, customer behavior analysis and more, BitBuy Founder and President Adam Goldman explains in this month’s feature story.

To read the full story, download the Tracker.

51%: Portion of global business that plan to invest more in detecting and preventing financial crimeDeep Dive: ID Verification in the Sharing and Gig Economies

Homeshare, rideshare and freelancing platforms are built on the assumption that strangers on the internet can and should trust each other with their time, money and property. Successful platforms are those that can provide the security and fraud protection to underpin such trust.

This month’s Deep Dive examines key risks and threats that platforms face as well as important strategies for safeguarding users and securely and accurately identifying customers.

Get the full scoop in the Tracker.

About the Tracker

The “AML/KYC Tracker,” a Trulioo collaboration, provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.