Politically Exposed Persons are high-risk customers for financial institutions due to the risks of corruption, money laundering and bribery.
The concept of Neobank has entered our lives recently and has grown popular and growing over time. Neobanks, which have an important place among Fintech trends, continues to be recognized and to increase the number of customers.
FinTech industry, which offers services to the customers in the finance and banking sector with technological innovations, shows big growth year by year. FinTech startups aim to improve customer experience and keep customer satisfaction at the top with their innovative and beneficial solutions.
Challenger banks are required to protect their companies from financial crimes and ensure AML & KYC compliance. Challenger banks should determine the risk level of their customers by performing AML and KYC controls during customer onboarding processes and perform a customer monitoring process appropriate to the customer's risk level.
This case study contains information about the payment and transaction screening processes of Ist-pay, a money transfer company.
The advent of big data, ie the ability to access a previously unimaginable amount of data - sometimes in real-time - opens up many new fields of activity for companies. In connection with new technologies, this data becomes the driver of the information revolution.
OFAC is of great importance in the AML compliance processes of obliged individuals and organizations in the USA.