ComplyCube

Toronto-Dominion (TD) Bank has been hit with one of the biggest AML fines in history.....over $3 billion. This makes it the largest bank to have pleaded guilty to the Bank Secrecy Act (BSA) and the first bank in US history to plead guilty to "conspiracy to commit money laundering." ⚠️ Three money laundering networks collectively transferred more than $670 million through TD Bank accounts from 2019 to 2023. Whilst organizations might think they can’t afford to invest in state-of-the-art AML infrastructure, can they really afford not to when fines can reach $3 billion? Unfortunately, TD Bank is now paying a hefty price for possible naivety. Many businesses may be unaware that not adequately funding an AML program might be the first step to pleading guilty to serious financial crimes, such as money laundering conspiracy. 💰TD Bank is now set to pay $1.8 billion to the Justice Department, $1.3 billion to the Financial Crimes Enforcement Network, and $450 million to the Office of the Comptroller of the Currency. Read the full guide: https://lnkd.in/eR7bkE-t #compliance #aml #antimoneylaundering

The Financial Action Task Force (FATF) leads global crypto regulation, which has evolved drastically since 2018, as the threat perceived from the industry has increased. Digital assets have become a significant avenue for money laundering due to their anonymity. In 2022, laundering volumes reached $31.5 billion, dropping to $22.2 billion in 2023, showing some progress. Yet, these figures are still alarmingly high. The FATF recognised the threat of Virtual Assets (VAs) to the integrity of the financial system from 2018-2019, stating that “the threat of criminal and terrorist misuse of virtual assets is serious.” Since then, their stance on the regulation of VAs and Virtual Asset Providers (VASPs) has tightened, with new mandates such as The Crypto Travel Rule, falling under Recommendation 15. Read our latest guide for insights into FATF regulation of the crypto sector, its early evolution, and how the sector can be protected with the right technologies. 👉 https://lnkd.in/eUxfSuhA #compliance #kyc 

📄 A British businessman recently lost a staggering £165,000 due to a suspected vulnerability in Revolut's facial recognition system. With fraud cases rising across financial services, Revolut and other institutions face increasing pressure to enhance their fraud detection and ID verification methods. UK Finance’s 2024 report recently highlighted that almost £1.2 billion was stolen from customers in 2023. ID theft increased, with losses up 53% to £79.1 million. Ben Donaldson OBE, Managing Director of Economic Crime at UK Finance, stated, “Nearly £1.2 billion was stolen from customers in 2023, and the criminals who commit these crimes destroy lives and damage our society. The money stolen funds serious organized crime, and victims often suffer emotional damage as fraud is a pernicious and manipulative crime.” The Financial Conduct Authority (FCA) now requires UK banks to reimburse fraud victims up to £85,000. This could prove very costly for banks if the right fraud-detection infrastructure is not in place. The fact that 62% of Revolut’s fraud victims (as per their 2023 report) were defrauded by unauthorized fraud suggests that these platforms are often not fortified by enough layers of security. Read the full guide: https://lnkd.in/eX25i7g8 #compliance #identityfraud

🥇ComplyCube has become the first UK DIATF-certified Identity Service Provider (IDSP) to offer real-time checks of driver entitlements, endorsements, and disqualifications through the Driver and Vehicle Licensing Agency (DVLA) API. 👏 This innovative integration enhances the platform’s capability to deliver precise and secure driver credential verification services, particularly benefiting industries such as Mobility as a Service (MaaS), where comprehensive driver background checks are essential. Mohamed Alsalehi, Chief Technology Officer at ComplyCube, emphasized the importance of this development, stating, “With real-time DVLA checks, we deliver unmatched accuracy and security in up-to-date driver assurances. This integration showcases our dedication to providing top-tier security by leveraging the most reliable sources to combat fraud and ensure full compliance for our clients.” As a UK DIATF-certified IDSP, ComplyCube continues to lead the way in offering advanced compliance solutions that meet the evolving needs of various industries. By integrating authoritative sources like the DVLA and expanding coverage in the US with the AAMVA, ComplyCube strengthens its commitment to protecting businesses against fraud and ensuring regulatory compliance globally. Read the full press release here: https://lnkd.in/e5n3xzTM #mobility #compliance #kyc

October’s CryptoCubed Newsletter is here, packed with key updates from the fast-evolving crypto world. Dive into the most significant developments regarding regulation and compliance. 🌐 WEF pushes for DeFi: The World Economic Forum champions a sandbox-first approach to drive decentralized finance adoption globally. ⚖️ Coinbase vs. SEC: The legal battle heats up as Coinbase challenges the SEC on crypto regulation. 🇭🇰 Hong Kong Crypto License: HKVAX becomes the third licensed crypto exchange, strengthening Hong Kong’s crypto hub status. 🇦🇪 UAE Crypto Tax Break: The UAE introduces a VAT exemption for crypto transactions starting November 2024. Read the full newsletter: https://lnkd.in/eq_pgREU #crypto #cryptocompliance #cryptocubed 

“The ComplyCube team has been a joy to work with, taking the time to understand both our immediate needs and our long-term vision of creating a compliant and trusted Internet of Impacts.” - Dr. Shaun Conway, Founder and CEO of ixo. 🤝 ComplyCube recently partnered with IXO World, the pioneer behind the Internet of Impacts. By integrating ComplyCube’s AI-powered KYC and AML solutions, IXO will streamline compliance and accelerate secure growth. IXO’s Spatial Web Platform coordinates, funds, and verifies real-world impact projects across sectors like clean energy, healthcare, and education. This partnership strengthens IXO's regulatory compliance and security, ensuring seamless identity verification in decentralized ecosystems. 📄 Read the full press release for insights on how this collaboration is building a trusted Internet of Impacts. 👉 https://lnkd.in/eQAZNjyN #cryptocompliance #kyc #aml #crypto

🤝 InvestaX and ComplyCube have joined forces in a groundbreaking partnership to elevate KYC and compliance capabilities in the digital asset space. InvestaX is at the forefront of digital asset innovation, empowering companies and asset managers to tokenize, trade, and lend real-world asset (RWA) tokens on a global scale. As the platform continues to grow, the demand for a cutting-edge, scalable compliance solution has become increasingly critical. InvestaX selected ComplyCube for its transparent and competitive pricing, comprehensive global coverage, user-friendly API, and real-time verification capabilities. Nishtha Pandey, Legal & Compliance Officer and Partner at InvestaX, expressed excitement about the partnership: “We are thrilled to partner with ComplyCube to enhance our compliance and KYC processes at InvestaX. This collaboration ensures that we continue to meet the highest regulatory standards while providing our users with a seamless and secure onboarding experience." Dr. Tarek Nechma, CEO of ComplyCube, commented, “Our partnership with InvestaX showcases the power of innovative compliance technology in the rapidly evolving digital asset space. By integrating our advanced KYC and AML solutions, InvestaX can continue to lead the way in tokenization while maintaining trust, security, and transparency." 👉 For more about this partnership: https://lnkd.in/eQZ2ca3b #compliance #kyc

🤝 ComplyCube has partnered with ixo World, the pioneer of the Internet of Impacts, integrating advanced KYC and AML technologies to streamline compliance and support fast-paced growth.     IXO World’s Spatial Web Platform is a groundbreaking solution that facilitates coordinating, funding, and verifying real-world impact initiatives. Working with renowned organizations, such as UNICEF, IXO World has made a meaningful impact in sectors such as clean energy, healthcare, education, and youth skills development.    This collaboration strengthens IXO World’s commitment to regulatory compliance and security within decentralized ecosystems, ensuring seamless, user-friendly identity verification processes.   Dr. Shaun Conway, Founder and CEO of IXO, commented on the partnership: “The ComplyCube team has been fantastic to work with. Their platform allows us to integrate key Identity Verification services into our Spatial Web of Trust, which is critical as we scale our efforts.” Dr. Tarek Nechma, CEO of ComplyCube, emphasized the partnership’s broader impact: “By working with IXO World, we are not just delivering compliance solutions – we are empowering a platform that can drive real, positive change on a global scale. This collaboration reflects our mission to build trust at scale, empowering organizations to create safer, more transparent digital ecosystems that benefit society."   📄 Read our latest press release for key insights into the ComplyCube and IXO World partnership, and discover how this collaboration is advancing secure, compliant solutions that drive innovation in decentralized trust and identity management.   👉 https://lnkd.in/eQAZNjyN   #cryptocompliance #kyc #aml #crypto

👉 In 2023, nearly two million people in Britain had their identities stolen and used by bad actors to create new financial accounts. As these crimes increasingly impact banking giants, customers have grown wary. In fact, 73% of respondents in a UK survey by FICO ranked fraud protection as one of the top three priorities when choosing a financial institution. 🇺🇸 A similar trend is emerging in the US, where Deloitte predicts fraud-related losses could reach $40 billion by 2027. To effectively protect customers, advanced biometric verification, paired with cutting-edge document checks, are essential. Recent cases, such as those involving major banks like Revolut, highlight the critical need for state-of-the-art facial recognition software. 📄 Have a read of our latest guide on biometrics in banking. https://lnkd.in/eKaDVMg9 #banking #compliance #biometricverification

👉 Our Business Strategy and Partnerships Manager, Joshua Vowles-Dent, recently joined 11:FS to discuss critical trends in the fintech space alongside industry leaders Clare Gambardella, Chief Customer Officer at Zopa Bank, and Paul Clarke, Chief Growth Officer at Cashflows. Benjamin Ensor, Director of Research and Strategy at 11:FS, hosted a lively discussion that addressed the alarming projection of e-commerce fraud losses reaching $100 billion by 2029, the challenges posed by a slowdown in London’s IPO activity, Zopa Bank’s groundbreaking Fintech Pledge impact report, the strategic partnership between Cashflows and Mastercard to introduce Click to Pay in the UK, and more. 📲 Listen on Spotify, iTunes, YouTube, or wherever you get your podcasts. #Fintech #Regtech #compliance