How to Prevent Loan Application Fraud

How to Prevent Loan Application Fraud

Regulations, compliance and overall risk management place a significant operational burden on financial services.

Online lenders are no different. You have to comply with multiple regulatory requirements, and you are- like any other financial service- very susceptible to fraud.


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Topics:  Online Lending
ICO Regulation in Canada - Winter Has Come

ICO Regulation in Canada - Winter Has Come

Most ICOs are Securities Requiring AML and Compliance

Last week, the Canadian Securities Administrators (CSA) released notice 46-307 to initial coin offerings (ICOs) that impacts:


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Topics:  Anti-Money Laundering, Virtual Currency
How not to onboard fraudulent customers - Minimizing onboarding risks with KYC and Fraud Prevention

How not to onboard fraudulent customers - Minimizing onboarding risks with KYC and Fraud Prevention

You can have an amazing product or service, but without customers your offering won’t survive. In order to have access to your offering, new customers must be onboarded.


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Topics:  Know Your Customer, Fraud Prevention, Onboarding, Risk Management
Integrated Document Verification for Customer On-boarding

Integrated Document Verification for Customer On-boarding

The ability to add new customers online while protecting your business from fraud and meeting regulatory requirements is both a necessity and a competitive advantage to any company providing financial services. Traditional financial institutions, remitters, and FinTech companies on-board clients online; especially considering that globalization allows all companies to expand their client base, foregoing the geographical and brick and mortar boundaries that once upon a time constrained your business from growing. Document verification is fundamental to address the identity verification requirements to serve millennials, foreign nationals, foreigners, etc.


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Topics:  Know Your Customer, Fraud Prevention, RegTech, ID Verification, Document Verification
Snowden & KYC

Snowden & KYC

We recently returned from the K(NO)W Identity Conference hosted by One World Identity, the first major conference focused on digital identities. For years identities have been taken for granted, while most business leaders didn’t realize that they sit at the center of every business transaction in the digital era. Our friends from One World Identity not only recognize this, they also understand that education and collaboration are  necessary to unlock the value of digital identities for businesses, regardless of the industry.


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Topics:  Know Your Customer, Anti-Money Laundering, Compliance, Fraud Prevention, Trusted Digital Identities (TDI™), KYC
Transaction Monitoring: Manual Processes Do Not Scale – Key Takeaways

Transaction Monitoring: Manual Processes Do Not Scale – Key Takeaways

As online transactions have skyrocketed, so have online fraud and money-laundering. The United Nations Office on Drugs and Crime (UNODC) estimates that criminal proceeds from fraud amounted to 3.6% of global GDP, or 1.6 trillion USD. In general, criminals look to:


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Topics:  Transaction Monitoring
KYC Challenges in Digital Environments

KYC Challenges in Digital Environments

It’s been a busy year for Financial Institutions worldwide. And even though the regulatory landscape began to clear due to ongoing dialogues between regulators, examiners, and businesses, financial organizations still have challenges to face when it comes to bridging the gap between their brick-and-mortar operations and the newer digital channels.


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Topics:  Know Your Customer, Anti-Money Laundering, Trusted Digital Identities (TDI™), Onboarding
Digital Identities - The Key to Better Risk Management

Digital Identities - The Key to Better Risk Management

Ever since we started working on Digital Identities in 2012, our focus has been knowing and mitigating the risk of transactions. There is the risk in:

  • Financial transactions (payment, deposits, transfers) where there is movement of money
  • Onboarding transactions (new customer) where you need to understand whether you should do business with an individual or an organization
  • Activity transactions (logins, password changes) where mundane actions may indicate larger concerns


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Topics:  Know Your Customer, Anti-Money Laundering, Fraud Prevention, Payments, Trusted Digital Identities (TDI™), Risk Management
KYC 2.0 - Conozca a su Cliente en la Era Digital

KYC 2.0 - Conozca a su Cliente en la Era Digital

Read the English Version adapted to US Regulatory Framework >>

Recientemente regresamos de K(NO)W Identity Conference 2017 organizada por One World Identity, la primera conferencia enfocada principalmente en identidades digitales y sus aplicaciones.


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Topics:  Know Your Customer, Anti-Money Laundering, Compliance, Fraud Prevention, Trusted Digital Identities (TDI™), KYC
ICOs and Taxes – Where to Incorporate

ICOs and Taxes – Where to Incorporate

Disclaimer: the information contained in this blog post should not be construed, as legal, accounting, or tax advice or opinion provided to the reader by Andy Lee, CPA or IdentityMind Global. This material may not be applicable or suitable for the reader’s specific circumstances of needs. Therefore, the information should not be used as a substitute for consultation with professional legal, tax or other competent advisors. Please consult your advisors before taking any action based upon this information.


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