Event Details (Webinar)
Recent FinCEN documents call out large banks including Citibank, Deutsche Bank, HSBC, JPMorgan Chase, and the BNY Mellon for serious money laundering.
What is going on here? We doubt this many large institutions are actively trying to participate in fraudulent activity.
Instead, the volume of organizations shows us just how great and systemic AML, KYC and payment fraud prevention challenges are for any institution.
As digital payments explode (23%+ volume), regulators, banks, service providers and their counterparts race to understand, track and prevent payment fraud. AML cases are ballooning while B2B and B2C companies continue to struggle with cybercrime.
Join us to discuss the impact and potential for digitization as a catalyst for payment fraud PREVENTION with a focus on P2P networks and blockchain.
Agenda (30 Minutes)
- How big of a problem is payments fraud?
- What are the different types of payment fraud impacting business today?
- Discuss the core challenges preventing better fraud prevention
- Practical approaches to modernizing AML/KYC and fraud detection with blockchain technology
- Identity data ownership and sharing
- Storing documents & photos on a blockchain
- Using private chains to make information sharing between partners (and even competitors) an operational reality
- Q&A (10 minutes)
- Identity data ownership and sharing
- Storing documents & photos on a blockchain
- Using private chains to make information sharing between partners (and even competitors) an operational reality
Can’t Wait?
More on KYC, AML and compliance with blockchain
4US
4US is a non-partisan, real-time campaign finance compliance automation utility servicing political committees, non-profits and campaign finance regulators. Leveraging BlockApps STRATO, 4US is a blockchain network that unites committees, donors, vendors, banks and regulators to automate compliance operations, improve law enforcement and restore trust in our democratic institutions.
Document Manager
The STRATO Document Manager empowers businesses to share documents, track its versions, and verify the authenticity of each version in real-time. A tamper-proof record of all these events and more is stored on a STRATO blockchain ledger and managed using cutting-edge Private Chains.
Standardizing Compliance Processes
Regulatory bodies tend to be siloed and part of a complex value chain responsible for a prolific amount of work. These conditions inherently create opacity and inefficiency, with a dangerous ripple effect.
Digitizing KYC Processes
KYC processes are labor-intensive, often manual, and prone to error and fraud, both of which cost banks colossal sums. Additionally, the lack of standardisation across systems creates a huge amount of duplication.
Trade Finance
80-90% of global trade relies on trade finance, yet there is a $1.5 trillion supply-demand gap. This is due to various complexities in the process, such as its sprawl across multiple borders and jurisdictions and its antiquated paper-based tracking system.