AML - IDfy Blog

New AML rules bring KYC to the digital age

Reading the new Prevention of Money Laundering Act (PMLA) of August 20, can feel a bit like reading tea leaves. While we wait for clarifications and further announcements let’s take a look at what the future holds for us based on what we know so far.

RBI

Rs. 1.75 Crore Penalties for KYC Violations

The RBI is getting tough for any violations on those fronts. PNB, UCO Bank, Corporation Bank, and Allahabad Bank just the latest to be slapped with fines by the RBI to the tune of Rs 1.75 Crores. These are for non-compliance with KYC requirements and opening of current accounts.

HDFC Bank

HDFC Bank fined Rs 1 Crore for KYC violations

The industry is realizing that Digital KYC solutions that combine realtime checks, tampering detection, face recognition and face liveness technologies provide the same level of time and cost efficiencies as Aadhaar eKYC.

IDfy

IDfy’s Machine Learning Solutions Driving Responsible Gaming in PokerBaazi, BalleBaazi, and RummyBaazi

IDfy, a Mumbai-based company listed amongst world’s top 100 regulation technology companies, today announced that it has partnered with Baazi Games to keep their gaming platforms - PokerBaazi, BalleBaazi, and RummyBaazi - safe from user fraud and money laundering.

Dream11

IDfy is Verifying Lakhs of IPL Fans Every Week for Dream11

Partnering with IDfy has helped us provide uninterrupted and hassle-free user experience, especially at the KYC stage.

RBI

Access to data crucial element in Regulatory Sandbox: Wriju Ray to Economic Times

RBI's Regulatory Sandbox, in our opinion, is really about enabling AI in the KYC process. However, without access to data - a pre-requisite for any AI-based solution - the Sandbox could fall short of its promise.

AML

Technology Solutions for Anti-Money Laundering

As emerging technologies are adopted in the new digital economy, banks are required to proactively adopt ways of preventing money laundering and the financing of terrorism – and it is exactly here that IDfy can help.