Let’s look at one FinTech’s onboarding flow metrics: Started the registration process – 100% A confirmed email with a reverse link – 90% Started providing KYC information (e.g. name, address, etc) – 88% Started video verification – 55% (many of the users apparently did not have the document at hands Read more…
Today I wanted to give you a quick overview of the concept of international sanctions, how they work and how they may impact a FinTech company, especially from the standpoint of technical implementation and tools. Warning: this is not compliance training. 😉 There are so many conspiracy theories, wrong interpretations, Read more…
There are too many lies, misconceptions and fake news about compliance that keep many overwhelmed FinTech founders and many compliance experts stuck. Here are some of them: Compliance is too complicated, there are too many regulations and they keep changing Compliance takes a lot of money, I will get to Read more…
Two new regulations came about in early 2020 with respect to AML and KYC requirements and they generated a number of speculations, second-guessing and urban legends – EBA Guidelines Draft and updated JMLSG “Prevention of Money Laundering” regulation. Let’s first talk about EBA Draft Guidelines JC 2019 87 on “Money Laundering Read more…
In this episode Yana speaks with Varun Mittal, head of EY FinTech practice and a co-founder of the Singapore FinTech Association, about what happened in 2019 and what he sees happening in 2020. Varun is the Global FinTech leader at EY, covering technology and business models in financial services across Read more…
Liechtenstein recently confirmed its place as one of the most FinTech-friendly jurisdictions by adopting a new circular on digital verification of customers! What’s changed: In addition to 2-way video verification of customers, more options are made available to FinTech platforms. From now on you can also verify individual customers Read more…
It is not uncommon to see regulatory requests for cryptocurrency-focused businesses to split activities into 2 parts: regulated and non-regulated. For example, the licensed (e.g. regulated) entity may be dedicated to operations with fiat funds and fiat deposits, and non-regulated entity would be facilitating transactions with cryptocurrencies or managing Read more…
It’s been reported recently by a number of news outlets (here or here) that Luxembourg introduced a new Blockchain law. Why I refer to it as an “unfortunate hype” is because, factually speaking, this regulatory statement did not introduce any significant changes and did not really provide Read more…
