Hello. My name is Faisal Khan, I’m a banking and a payments consultant. The question for today is what is KYC. Very simple, KYC is an acronym that stands for: Know Your Customer. KYC basically means Who is your customer? If let’s say the customer is Faisal Khan and I’m signing up. How would the […]
The looming unknowns in trying to implement Counter Terrorism Financing (CTF) program. I’m not an expert. At all. Let me set the record straight. I am not a subject matter expert in AML or CTF. I’m writing this article to perhaps highlight a few points and hopefully have someone who is an expert, answer them. […]
The KYC Problem In the world of payments and transactions, how do you identify a person? Globally? Some nations have ID cards, most don’t have it. Some have email, quite a few don’t. Many have mobile phones – which makes a great case for it being a unique identifier, but then comes along Mark Zuckerberg […]
In the world of money transfer, I am always trying to explain to startups what it would take have a better understanding on transactions data points for cross-border transfers, i.e. visibility in payments. As part of any compliance program, it is extremely important to grasp how much visibility a company has into its transaction. Furthermore, […]
Bank De-Risking MSBs In my previous posts [Can’t find MSB Friendly Banks? Go ahead, scream. No one is listening -and- The Sandstorm that is blanketing the operations of money transfer companies] I discussed on how the whole paradigm shift that is happening in banking with respect to de-risking is sending ripples in the money transfer […]
A few days ago, I wrote a blog post on Federated Identity Management: A consensus based approach towards solving the KYC problem. Then someone pointed me to the direction of Open Mustard Seed Project (Official Website) or OMS as it is called for short. I had never heard of OMS and decided to check it out, the intro […]
A Tangential Stroll Ask anyone who has ever owned a mobile phone (or two) and an email address (or two) and they will tell you, managing contacts can be a pain in the ass! Despite all the advances made in apps, OS, APIs, data sharing, etc. contact management remains to be a stone under everyone’s […]
FAFT recently issued guidelines for virtual currencies (aka Bitcoins). Titled, Guidance For A Risk-Based Approach: Virtual Currencies, the report was released in June 2015. The report in full can be downloaded from here.