[Infographic] The Challenges of Compliance in 2021

2020 proved to be a rough year for the financial services industry, with the Covid-19 pandemic bringing with it new challenges and exposing shortcomings within the sector. In 2021, the pandemic has continued to change the way compliance functions operate within organisations; hybrid working policies becoming more prevalent, the increasing volume of regulatory change, and[...]
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The FCA issues warning to banks over financial crime and AML failings

In a recent letter, the Financial Conduct Authority has warned retail banks about continuing weaknesses and failings surrounding their financial crime systems and controls. In the ‘dear CEO’ letter to banks, published in July, the FCA said they ‘’are disappointed to continue to identify, across some firms, several common weaknesses’’. The findings come as a[...]
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The FCA plans to reshape itself in a post pandemic world

The year 2020 proved to be an extremely challenging time for British financial services, with the pandemic representing one of the greatest shocks to the world’s economies. Covid-19 has brought forward a new world of financial services with new complexities and challenges. In a bid to successfully meet these challenges, the Financial Conduct Authority has[...]
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New report published on trade-based money laundering risk indicators

trade based money laundering
In an effort to help organisations identify trade-based money laundering (TBML), the Financial Action Task Force (FATF) and the Egmont Group of Financial Intelligence Units have recently published a joint report highlighting a list of indicators. This follows on from a report published in December 2020 by the same bodies highlighting pertinent trends and developments[...]
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FCA issues urgent warning on fraud that could cost you over £200 this Christmas

As Christmas approaches, the FCA has issued an urgent warning to consumers on fraudulent activity that is prominent during the holiday period. Utilising data from December 2019, the regulator found “loan fee fraud” was the third most reported scam, with it often being used by fraudsters to attempt to steal from consumer’s gift spending budgets.[...]
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UK Fraud Activity 2020 [infographic]

As criminals become ever more imaginative in their attempts to steal customers’ money, fraud continues to pose a major threat to the UK, which shows no sign of changing. This year, criminals have been exploiting and adapting to Covid-19 with a growth in fraud and scams that target people online, taking advantage of fears and[...]
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123signed partners with 4Stop’s automated KYB underwriting solution

123signed is excited to announce the addition of another partnership integration.  Clients can now access 4Stop’s leading KYB, KYC, transaction monitoring and fraud prevention technology via the 123signed platform. Underwriting merchants is a vital part of businesses sustainability. It’s the first level of defence against fraud and illicit activity towards an entity. However, for many[...]
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Compliance cost savings through automation

Compliance cost savings through automation
A significant amount of current merchant onboarding processes are based on the compliance/underwriting team doing manual review of information and decisioning. 123signed has developed a fully automated merchant and consumer onboarding platform that uses 90% technology and 10% underwriting resources.  The technology drastically streamlines the onboarding process and significantly reduces the number of compliance and[...]
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Customising your merchant application by industries

Merchant application
The type of information required in an application form during onboarding can vary greatly depending on the merchant’s industry. Your onboarding process should have the built-in flexibility to address the needs of your various markets and clients. 123signed enables acquirers, banks, fintech or insurance companies to create multiple customisable application forms based on your client’s[...]
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