FB pixel

Jumio delves deep into AML compliance in new white papers

Jumio delves deep into AML compliance in new white papers
 

Anti-money laundering regulations are set for further change this year, having changed significantly in different jurisdictions over the past several years, as Jumio explores in a pair of new white papers.

Know Your Payments: A Guide to AML Compliance in the Payments Industry’ is a 13-page report on the impact fraud, money laundering and regulations are having on financial services providers.

Anti-Money Laundering in 2022: Understanding the Global AML Regulatory Landscape’ addresses the tightening restrictions and increasingly global focus of AML and counter-financing of terrorism (CFT) regulations around the world.

Alignment in recognition of a global problem

Changes in the AML regulations in seven countries from four continents are examined in ‘Anti-Money Laundering in 2022,’ with Jumio identifying a global trend towards additional compliance burdens to align businesses with guidance from international groups like the Financial Action Task Force (FATF).

The report details an AML investigation in Canada, describes changes already proposed in the EU, and covers re-evaluation processes and consultations being carried out in the UK, U.S. and Singapore. It also reviews stricter AML requirements already approved in Australia and China, and Hong Kong’s upgraded guidelines introduced last year.

Companies deploying technologies for automated risk screening and transaction monitoring, and robust case management tools, all provided as part of Jumio’s end-to-end KYX Platform, can configure them to help compliance to the regulations of the jurisdiction that applies to them.

FATF also plays a noteworthy role in ‘Know Your Payments,’ which sets out the role of know your customer (KYC) and transaction screening processes.

That means defining the requirements for money services businesses, cross-border payments, wire transfers and funds transfers, and the white paper also provides guidance on how customers can determine the right solution for their needs.

Article Topics

 |   |   |   |   |   |   |   | 

Latest Biometrics News

 

Findynet funding development of six digital wallet solutions

Finnish public-private cooperative Findynet has announced it will award 60,000 euros (US$69,200) to six digital wallet vendors to help translate…

 

Patchwork of age check, online safety legislation grows across US

As the U.S. waits for the Supreme Court’s opinion on the Texas case of Paxton v. Free Speech Coalition, which…

 

AVPA laud findings from age assurance tech trial

The Age Verification Providers Association (AVPA), and several of its members, have welcomed the publication of preliminary findings from the…

 

Sri Lanka to launch govt API policies and guidelines

Sri Lanka’s government, in the wake of its digital economy drive, is gearing up to release application programming interface (API)…

 

Netherlands’ asylum seeker ID cards from Idemia use vertical ICAO format

The Netherlands will introduce new identity documents for asylum seekers Idemia Smart Identity, compliant with the ICAO specification for vertical…

 

Zenoo integrates Trinsic, Sumsub for advanced digital ID onboarding options

Onboarding and compliance orchestration engine provider Zenoo has formed a pair of partnerships to give its customers a broader range…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events