Positive Pay Processes: How Financial Institutions Can Help Prevent Check Fraud
Check fraud is back with a vengeance, and remains a common financial crime, costing banks and other financial institutions billions of dollars every year. One effective solution banks can offer their clients to prevent check fraud is a positive pay process. In this article, we will explore what positive pay is and how banks can leverage it to help prevent check fraud and give their customers peace of mind.
Understanding The Corporate Transparency Act: Updates & Changes
The Corporate Transparency Act (CTA) was signed into law in January 2021 as part of the National Defense Authorization Act for Fiscal Year 2021. The CTA is intended to improve transparency in the ownership of US corporations and limited liability companies (LLCs) and prevent the use of these entities for illegal activities such as money laundering and terrorist financing. In this article, we will examine the updates and changes to the 2022 Corporate Transparency Act, how they further enhance the 2018 Treasury CDD Rules, and what they mean for compliance and risk management.
Protecting Your Financial Institution (FI) against Debit Card and Counterfeit Debit Card Fraud
Debit card theft and counterfeit cards are significant concerns for consumers and Financial Institutions. Fraudsters can steal debit card numbers and create counterfeit cards. There are multiple ways to do this which can result in significant financial and reputational losses for institutions and their customers. In this article, we will explore how debit card theft occurs and what you can do to protect your financial institution and customers from becoming a victim thereby reducing losses.
Perpetual KYC Process Flows: What You Need to Know
Know Your Customer (KYC) is an essential element of anti-money laundering (AML) and counter-terrorism financing (CTF) compliance programs. KYC involves verifying the identity of customers and determining their suitability for a financial institution's products or services. KYC applies to both Consumer/Personal and Business/Commercial customers, including Beneficial Ownership for business entities. However, KYC is not a one-time event, but rather an ongoing process that requires regular updates to customer information. This article will introduce you to perpetual KYC process flows and what you need to know about them.