Elevate KYB Onboarding, Tackle Abandonment, and Predict the Future UK FinTech Landscape
Welcome to the Compliance Hero Digest!
?? Edition #63
In the ever-evolving landscape of Anti-Money Laundering (AML) compliance, staying informed is not just beneficial - it’s essential. As your trusted resource, the Compliance Hero Digest is dedicated to bringing you the latest news, cutting-edge trends, and in-depth analysis from the AML compliance sphere.
Integrating an effective KYB model ensures you know the legitimacy of a corporation's financial activities, the source of their capital, AML risk and organisational structure.
?? ?????????????? ?????????????? ????????Gather key documents through secure requests, ensuring completeness and accuracy every step of the way.
? ???????????????? ?????????????? ?????????????? ???????? ??????????????????Cross-check information with top-tier data sources, enhancing accuracy and identifying discrepancies early.
?? ???????????????? ???????????????????? ??????????????????Dive into corporate filings and multiple data points to pinpoint true ownership, ensuring transparency and compliance.
?? ???????????????? ???? & ????????????????????????Save time with automatic ID&V of directors and UBOs, cutting manual errors and boosting operational efficiency.
??? ?????????????? ???????????????? ?????? ?????????????????? (??????)Screen against watchlists, sanctions, PEPs, and adverse media for thorough risk mitigation.
?? ???????????? ???????? ????????????Score each case by analysing geography, transactions, and complexity of the corporate structure to protect your business.
NorthRow has been featured in Aventine Lab's Top 50 AML Tool list, sorted by functionality and market focus!
Legal and RegTech Consultant Arsalan Abbasi highlighted our platform as a comprehensive, end-to-end AML, KYC, and KYB solution.
"NorthRow's platform is incredibly deep and customisable, offering multiple KYB data sources and providing extensive insights - from UBO information to credit checks."
For legal professionals, streamlining the KYB process is crucial to staying ahead. But keeping up with due diligence while maintaining efficiency? That can be a challenge. Here’s how you can make it easier:
?? ?????????????? ????????????????????: Use tech like ID&V and automated KYB tools to reduce manual work and focus on strategic decisions
?? ???????????????? ????????????????????: Integrate KYB checks into client onboarding to catch issues early and build stronger relationships
???? ???????????????????? ????????????????????: Adopt a unified system to save time and focus on high-value tasks
?? ???????????? ???? ????????????????: Keep your team updated on the latest regulations for better efficiency
?? ?????????? ????????????????: Develop comprehensive KYB procedures for smoother, faster compliance
?? ?????????????? ??????????????: Use remote KYB onboarding to streamline verification and enhance security
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AI is a double-edged sword in the digital world. ??
Dr Elisabeth Carter explains how AI helps fraudsters automate repetitive processes, creating unique, realistic profile pictures in romance fraud cases, making it harder for them to?be caught?through reverse image searches.
On the other hand, she also highlights the greater use of AI in the background with fraud fighters and how it equips professionals with advanced tools to detect and eliminate fraudulent activities across various platforms.
High abandonment rate getting you down? Let's turn that around! Accelerate your time to revenue and reduce drop-offs with NorthRow. Our abandonment rate is lower than the industry standard. Here's how:
? Automate digital identity, document, and liveness verification to significantly reduce manual errors, creating a smoother customer experience and reducing abandonment.
?? Automatically conduct comprehensive data searches and document collection against trusted data sources, all aligned with your compliance policies.
?? Streamline your AML compliance processes throughout the customer lifecycle, reducing frustration and friction while fostering satisfaction and loyalty.
How do you predict the UK fintech landscape will evolve in the future? ??
As the global fintech landscape continues to evolve at rapid pace, all eyes are on the UK as a key player in shaping the future of financial technology. Nadia Edwards-Dashti, CCO at Harrington Starr, shares how the UK's rise to being a fintech hotspot hasn't always been easy-going.
“The global fintech scene has endured at least five quarters of a challenging market. Despite these geopolitical and economic challenges, there are ‘glimmers of a tide change’ on the path to a more prosperous future. With these solid foundations in the UK’s infrastructure, ecosystem, investment and policymakers, it will continue to be a great place for fintech.”
Thank you for joining us in this edition of the Compliance Hero Digest. Until next time, keep up the great work, and continue to be a hero in the fight against financial crime. ??