Effective risk and compliance management is crucial for businesses to identify threats, ensure legal adherence, and protect reputations. Automated tools streamline processes, enhance visibility, and improve efficiency while ensuring regulatory compliance and informed decision-making. … Read More
Author Archives: Chris Bourne
How to verify Ultimate Beneficial Owners (UBOs)
Identifying UBOs is crucial for transparency, anti-money laundering, and preventing fraud. Effective UBO verification involves thorough KYC/KYB processes, and tools like NorthRow simplify the identification of UBOs by uncovering complex ownership structures. … Read More
What is financial crime?
In today’s interconnected world, the risk of financial crime is greater than ever. But what exactly is financial crime?
From money laundering to fraud, to cybercrime, these illegal practices pose significant threats to economies and societies worldwide. In this blog, we delve into the murky depths of financial crime, exploring its various forms and the measures in place to combat them. … Read More
What is Beneficial Ownership?
Beneficial ownership identifies individuals who control or profit from company success, ensuring transparency, accountability, and combatting illicit activities like money laundering, while improving investor confidence and regulatory compliance. … Read More
Anti-money laundering regulations across the world
Money laundering is a serious crime involving the disguising of proceeds of illegal activity as legitimate funds. To prevent this criminal activity, many countries have implemented anti-money laundering (AML) regulations to detect and prevent money laundering by identifying and reporting … Read More
What is KYC due diligence?
Know Your Customer (KYC) ensures compliance by verifying identities, assessing risks, and enabling ongoing monitoring. Automated KYC enhances efficiency, reduces risk exposure, and improves customer experience, ensuring compliance with AML regulations effectively. … Read More
How automated KYB checks can help mitigate risk in your business
Customers are not only individuals, but businesses too. Anti-money laundering regulations instruct organisations to monitor and protect against suspicious activity. The main focus of the checks undertaken is to establish the identity and ownership of the company being dealt with, … Read More
The benefits of automated ID document verification for KYC compliance
ID verification is an essential part of the KYC (Know Your Customer) requirements. When overlooked, organisations can face increased exposure to risk, lower productivity, and slower time to revenue. Automated onboarding has continued to gain popularity over the past few … Read More
KYC delays slowing customer onboarding; new research find 1 in 5 checks take more than 24 hours
A NorthRow survey reveals 20% of KYC checks take over 24 hours, risking customer dissatisfaction and increased abandonment rates, highlighting the need for faster, more efficient onboarding processes. … Read More
Working with Politically Exposed Persons (PEPs)
A Politically Exposed Person (PEP) is an individual who may have been entrusted with a high-position by a community institution, an international body or state, within the last 12 months. … Read More