How to verify companies and how far to go: a practical guide from fraud management company BASIS ID

When your company is a financial institution and your customers happen to be legal entities,  it may sound somewhat complex to onboard these companies. Of course, when it’s a promising client who wants to get their hands on business, the length of a bureaucratic Know-Your-Business (KYB) process can be rather frustrating.

Everything you need to know about PEP

Pursuant to Financial Actions Tasks Force (FATF), the risk coming from Politically Exposed Persons is increasingly high. We need to note, although, that whilst FATF guidance requires financial institutions to automatically classify persons prone to political exposure as a “high risk customer”, the same FATF guidance suggest FIs should take a risk based approach to process of verifying PEPs identity. But what does that mean exactly?

How do we make sure that a person is real and alive?

Today Sergei, who is CTO at BASIS ID, talks about one of the elements of user verification — liveness check. This is a stage of the identity verification process, which allows us to confirm that the user, who wants to use a service, is a real, living person, who is currently at the computer or holding a smartphone.

What are banks anticipating from FinTech

European Banking Authority has finished this February quite efficiently with issuing the revised Guidelines on outsourcing arrangements that all financial institutions, including banks, must follow. This is again underlining the importance of embracing innovations and FinTech in the financial market, where the technology is used to improve cost efficiency and achieve economies of scale. Here is the brief overview of what’s new.

Set of Kings beats pair of Jacks — and Service always beats Sales

How to give your players a 1st class gaming experience while meeting regulatory KYC/AML requirements?

The online gambling industry has been experiencing an astonishing 9.7% yearly growth rate in 2018, and 2019 already puts a bet to win this race. Along with the market’s growing revenues — the number of players moving online is also increasing.

Inadequate KYC controls which resulted in huge fines

An ever-increasing amount of banks across the world are finding themselves in the middle of scandals connected with illegal financial operations, that have had to be prevented by the Know Your Customer procedure. This had not left the Chief Legal Officer of BASIS ID — Arina Tsekanina indifferent as she has prepared the list of TOP3 largest scandals known as of now.