#AML solutions in Singapore

[amlsquare]

AML Regulations in Singapore

AML regulations in Singapore are some of the most stringent globally, designed to combat money laundering and financial crimes. These regulations require financial institutions to implement robust measures to detect and report suspicious activities. AML Square helps businesses stay compliant by providing cutting-edge tools to navigate these complex regulations effortlessly. Ensure your organization is fully compliant with Singapore’s AML laws—partner with AML Square today to safeguard your business.

[reginap5]

The Top 50 Identity Verification Service Providers in 2024: Transforming Digital Security in the Era of Web3

The surge of Web3, characterized by the decentralized web, is transforming the landscape of Know Your Customer (KYC) data management. By leveraging blockchain technology for self-sovereign identity (SSI), this approach enhances data security, privacy, and efficiency while eliminating redundant verification processes. The adoption of decentralized KYC solutions brings benefits across various sectors, including fintech, gambling, and crypto, offering improved trust, transparency, and regulatory compliance through immutable audit trails. 

However, challenges such as data breaches and complexity are acknowledged, with expectations for continued efficiency and cost-effectiveness. As such, decentralized KYC solutions will require robust security measures and user-friendly design to ensure widespread adoption.

Additionally, interoperability between different systems must be enabled to ensure a seamless user experience. Furthermore, decentralized KYC solutions must be compliant with relevant laws and regulations to ensure their legitimacy. Finally, privacy must be safeguarded to ensure user trust.

Here is a compiled list of companies claiming to be the top solution providers in various countries:

1. KYC Switzerland (www.kycswitzerland.com)

2. KYC Hong Kong (www.kychongkong.com)

3. KYC UAE (www.kycuae.com)

4. KYC Sweden (www.kycsweden.com)

5. AML Norway (www.amlnorway.com)

6. KYC Germany (www.kycgermany.com)

7. AML Japan (www.amljapan.com)

8. KYC Spain (www.kycspain.com)

9. UK KYC (www.ukkyc.com)

10. AML KYC India (www.amlkycindia.com)

11. AML France (www.amlfrance.com)

12. KYC Italy (www.kycitaly.com)

13. KYC Canada (www.kyccanada.com)

14. AML KYC Brazil (www.amlkycbrazil.com)

15. KYC Australia (www.kycaustralia.com)

16. KYC New Zealand (www.kycnewzealand.com)

17. AML Iceland (www.amliceland.com)

18. KYC Ireland (www.kycireland.com)

19. KYC Denmark (www.kycdenmark.com)

20. AML Netherlands (www.amlnetherlands.com)

21. AML Finland (www.amlfinland.com)

22. AML KYC Singapore (www.amlkycsingapore.com)

23. KYC Belgium (www.kycbelgium.com)

24. KYC Luxembourg (www.kycluxembourg.com)

25. KYC South Korea (www.kycsouthkorea.com)

26. AML Romania (www.amlromania.com)

27. KYC Croatia (www.kyccroatia.com)

28. KYC Poland (www.kycpoland.com)

29. KYC European Union (www.kyceu.com)

30. KYC Mexico (www.kycmexico.com)

31. AML Colombia (www.amlcolombia.com)

32. KYC France (www.kycfrance.com)

33. KYC Greece (www.kycgreece.com)

34. KYC Middle East (www.kycmiddleeast.com)

35. AML Portugal (www.amlportugal.com)

36. AML Switzerland (www.amlswitzerland.com)

37. AML KYC Canada (www.amlkyccanada.com)

38. KYC Bahrain (www.kycbahrain.com)

39. AML Chile (www.amlchile.com)

40. KYC Lithuania (www.kyclithuania.com)

41. AML Argentina (www.amlargentina.com)

42. AML Austria (www.amlaustria.com)

43. KYC Russia (www.kycrussia.com)

44. AML Greece (www.amlgreece.com)

45. AML KYC Brasil (www.amlkycbrasil.com)

46. AML South Korea (www.amlsouthkorea.com)

47. KYC Romania (www.kycromania.com)

48. KYC Norway (www.kycnorway.com)

49. KYC UK (www.kycuk.com)

50. ID Verification Service (www.idverificationservice.com)

ID verification software plays a pivotal role in bolstering security and compliance within the digital realm. It serves as a critical deterrent against identity theft, fraud, and financial crimes. Technological advancements such as AI, blockchain, and biometric authentication contribute to increased efficiency and more robust fraud detection. Regulatory Technology (RegTech) further streamlines compliance processes, fostering cross-border collaboration and shaping a more secure financial environment. 

This, in turn, helps to create a more transparent and efficient financial system, allowing users to access financial services with greater trust and confidence. This leads to better access to capital, increased investment, and, ultimately, improved economic growth.

Furthermore, RegTech also helps to reduce the cost of regulatory compliance, allowing companies to focus on their core business. This, in turn, leads to increased profitability and job creation. In addition, RegTech can help to reduce fraud and money laundering, which is beneficial for society as a whole.

Disclaimer: It is crucial to note that these rankings are the result of research conducted by the author for each respective country. The list is presented for informational purposes only and does not constitute promotional content. Businesses are encouraged to conduct their surveys tailored to their specific needs and requirements.

[web3broadcast]

Cryptocurrency Regulations Around the World - A Comprehensive Analysis

Cryptocurrency regulations have become a focal point for policymakers and financial authorities worldwide, as the global adoption of digital currencies continues to influence financial markets, consumer behaviors, and the future of monetary systems. In this comprehensive analysis, we delve into the multifaceted world of cryptocurrency regulations, providing insights into the diverse regulatory approaches and frameworks adopted by different countries, and the evolving regulatory landscape that shapes the trajectory of the global cryptocurrency industry. North America: Fostering Regulatory Clarity and Institutional Adoption in the United States and Canada North American countries, such as the United States and Canada, have made significant strides in fostering regulatory clarity and institutional adoption within their cryptocurrency ecosystems. By implementing comprehensive AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance standards, promoting dialogue between regulatory authorities and industry stakeholders, and fostering a conducive environment for blockchain-based innovations, North American countries are positioning themselves as key players in the global cryptocurrency landscape, advocating for responsible and inclusive regulatory frameworks that prioritize consumer protection and market integrity. Europe: Navigating Cross-Border Compliance and Digital Asset Regulations in the European Union European countries and the European Union have been navigating cross-border compliance and digital asset regulations to foster a unified and harmonized approach to cryptocurrency regulations across member states. By emphasizing the need for standardized regulatory frameworks, consumer data protection, and transparent market supervision, European regulators are striving to create a balanced regulatory environment that promotes innovation, safeguards user data privacy, and fosters the development of sustainable and resilient digital economies within the European market. Asia-Pacific: Balancing Innovation and Risk Management in Cryptocurrency Regulations across Asia Asia-Pacific countries, including Japan, Singapore, and South Korea, have been actively balancing innovation and risk management in their approaches to cryptocurrency regulations, recognizing the transformative potential of digital currencies while addressing concerns related to market volatility, investor protection, and consumer education. By fostering collaborative partnerships between regulatory authorities and industry players, Asia-Pacific countries are cultivating a conducive regulatory environment that promotes responsible and transparent cryptocurrency adoption, encourages technological innovation, and positions the region as a hub for digital finance and blockchain-based solutions in the global market. Middle East and Africa: Addressing Financial Inclusion and Technological Adoption in Cryptocurrency Regulations Countries in the Middle East and Africa are addressing financial inclusion and technological adoption in their approaches to cryptocurrency regulations, recognizing the role of digital currencies in fostering financial inclusion, cross-border remittances, and economic development within underserved communities. By exploring the potential of blockchain technology in enhancing transparency, reducing transactional costs, and promoting cross-border trade, Middle Eastern and African countries are embracing cryptocurrency regulations that prioritize the integration of digital financial services, support economic diversification, and foster sustainable and inclusive growth within their respective regions. The Future of Cryptocurrency Regulations: International Collaboration and Regulatory Convergence in the Digital Economy Looking ahead, the future of cryptocurrency regulations holds promising opportunities for international collaboration and regulatory convergence, as countries strive to foster a balanced and inclusive regulatory environment that promotes innovation, safeguards consumer rights, and encourages responsible and transparent practices within the global cryptocurrency industry. By fostering cross-border collaborations, advocating for regulatory standardization, and prioritizing consumer protection and market integrity, the global community can shape a future where cryptocurrency regulations serve as enablers of financial innovation, digital inclusion, and sustainable economic growth on a global scale. Read the full article

[rohitodint]

Singapore Variable Capital Company

Understanding the Singapore VCC

The Singapore VCC is a versatile and investor-friendly legal entity specifically designed for investment funds. It provides a flexible framework for both open-ended and closed-ended investment structures, making it an attractive choice for fund managers and investors alike.

For more: Singapore Company Formation

Key Features and Benefits of Singapore VCC

Tax Efficiency: The VCC benefits from Singapore's attractive tax regime, offering exemptions on certain types of income and capital gains.

Variable Capital Structure: The VCC allows for easy issuance and redemption of shares, providing investors with liquidity and flexibility.

Segregated Sub-Funds: Within a single VCC umbrella, fund managers can create multiple sub-funds with separate investment strategies, asset pools, and risk profiles.

Redomiciliation: Existing foreign funds can redomicile to Singapore as VCCs, enabling continuity while benefiting from Singapore's investor-friendly ecosystem.

Setting Up a Singapore VCC

Incorporation: Register the VCC with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore.

Appointment: Appoint a fund manager and custodian to oversee the VCC's operations and assets.

Constitution: Draft a constitution outlining the VCC's structure, investment objectives, and governance.

Compliance: Ensure compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.

FAQs about Singapore VCC

Q1: Can a VCC be used for both traditional and alternative asset classes?

A1: Yes, a VCC is versatile and can be used for a wide range of asset classes, including traditional securities, real estate, private equity, and more.

Q2: Are there any restrictions on the types of investors that can invest in a VCC?

A2: No, there are no restrictions on the types of investors, allowing both retail and institutional investors to participate.

Q3: Can a VCC be converted to a different type of corporate entity?

A3: Yes, a VCC can be converted to a company limited by shares or vice versa, providing flexibility for future business needs.

Conclusion

The Singapore Variable Capital Company (VCC) is a groundbreaking solution that streamlines fund management and investment processes. With its customizable and adaptable structure, tax benefits, and investor-friendly features, the VCC is a game-changer for both fund managers and investors seeking an edge in the global market. Whether you're a seasoned investor or a fund manager looking to optimize your strategy, the VCC offers a world of opportunities to explore.

[thxnews]

Agile Fraud Detection: Azentio's Powerful Platform

  Celent's Report Highlights Azentio's AML Transaction Monitoring Capabilities

The Singapore-headquartered company has earned the 'Noteworthy Solution' recognition for its AML Transaction Monitoring in Celent's recent report: Financial Crime Compliance Technology: AML Transaction Monitoring Edition – 2023. Celent, a reputable research and advisory firm focusing on financial technology, assessed the capabilities of AML transaction monitoring systems worldwide, aiming to provide valuable insights to financial institutions and regulated companies.   Azentio's ONEBanking Risk & Analytics Platform Shines The 'Noteworthy Solution' recognition bestowed upon Azentio comes as a result of the remarkable capabilities and effectiveness of its flagship platform, ONEBanking Risk & Analytics. This platform is currently trusted by over 100 financial institutions across the globe for its advanced analytical and investigative tools that convert routine data into actionable intelligence, empowering institutions to detect and combat potential fraudulent activities.   Advanced Technology, Breadth of Functionality, and Customer Base & Support Celent's report utilized the ABC methodology to evaluate AML transaction monitoring systems on three key dimensions: Advanced Technology, Breadth of Functionality, and Customer Base & Support. Azentio's ONEBanking Risk & Analytics excelled in all three aspects, showcasing its prowess as a cutting-edge, domain-agnostic platform that leverages machine learning-based predictive analytics. This allows it to efficiently identify suspicious activities at both the transaction and customer levels, bolstering the transaction monitoring processes.   Empowering Financial Institutions Azentio's platform, founded on a microservices architecture, robustly and agilely analyzes vast volumes of data, identifying fraudulent activity patterns in a timely manner for financial institutions. It incorporates profile deviations and pre-defined rules to detect suspicious transactions, a graphical link analysis module to identify both static and transactional links between entities, and a remittance module to monitor online payment transactions.  

Acclaim from Industry Experts

Neil Katkov, Ph.D., The director of Risk at Celent and one of the report's authors praised Azentio's AML Transaction Monitoring solution for its price performance, machine learning-enabled detection, extensive rules library, network analysis capabilities, and regulatory reporting functionalities across multiple jurisdictions. Furthermore, Azentio's implementation and support capabilities received high ratings from the company's satisfied clients.  

Azentio's Commitment to Innovation

L Guru Raghavendran, Senior Vice President, Banking & Capital Markets at Azentio Software, expressed pride in the recognition received from Celent. He emphasized the significance of robust and agile technology platforms in meeting today's complex transaction monitoring requirements. The continuous investment in the financial crime management solution by Azentio ensures that clients benefit from cutting-edge features, including business intelligence and machine learning, driving customer satisfaction and business growth.   A Comprehensive Report Authored by Neil Katkov and Ian Watson, Celent's report provides in-depth profiles of 17 incumbent and new entrant providers of behavior detection solutions. It includes a detailed analysis of the software products, key features, analytics, selling, and servicing details, offering valuable insights to financial institutions seeking top-tier AML transaction monitoring solutions.  

In conclusion,

Azentio Software's achievement of being recognized as a 'Noteworthy Solution' in Celent's Technical Capabilities Matrix reaffirms the company's commitment to innovation and excellence in the field of financial crime compliance technology. With its ONEBanking Risk & Analytics platform earning accolades from industry experts, Azentio continues to empower financial institutions worldwide in their ongoing efforts to combat financial crimes and safeguard their customers' interests.   Sources: THX News & Azentio Software Pvt Ltd. Read the full article

[jurnaltalking]

UBO Checks in Asia - A Comprehensive Guide to UBO Search

In recent years, regulatory bodies across Asia have placed increasing emphasis on understanding the ultimate beneficial owners (UBOs) of companies. UBO checks play a crucial role in promoting transparency, preventing money laundering, and combating financial crimes. This article will delve into the importance of UBO checks in Asia and discuss the significance of UBO search in ensuring compliance and mitigating risks.

Understanding UBO Checks

UBO checks refer to the process of identifying the individuals who ultimately own or control a company. These individuals exert significant influence over the company's operations and financial decisions. UBO checks are crucial in uncovering the true ownership structure, as companies may employ complex ownership chains or nominee shareholders to conceal the identity of the actual owners.

Importance of UBO Checks in Asia

Asia has witnessed a rapid growth in business and foreign investments, making it imperative to establish robust UBO regulations. Several Asian countries, including China, Japan, India, and Singapore, have recognized the significance of UBO checks and have implemented regulatory measures to enhance corporate transparency.

The primary objectives of UBO checks in Asia include:

Combating Financial Crimes: UBO checks aid in identifying individuals who may be involved in illicit activities such as money laundering, corruption, or terrorist financing. By exposing hidden ownership, authorities can take appropriate actions to safeguard the integrity of financial systems.

Ensuring Regulatory Compliance: UBO checks in Asia enable businesses to comply with anti-money laundering (AML) and Know Your Customer (KYC) regulations. By identifying the true owners, companies can ensure due diligence and avoid penalties or legal repercussions.

Promoting Transparency: UBO checks promote transparency and integrity in business transactions. By revealing the actual owners, investors, customers, and stakeholders gain confidence in the legitimacy of the company and its operations.

UBO Search: A Key Component of UBO Checks

UBO search refers to the process of conducting thorough investigations to uncover the ultimate beneficial owners of a company. It involves utilizing various resources, databases, and public records to gather information about the company's ownership structure.

In Asia, UBO search typically involves:                    

Corporate Records: Accessing official company registers, such as the Companies Registry, to obtain information on shareholders and directors.

Publicly Available Information: Searching through public sources, such as business directories, news articles, and social media, to gather additional data on the company and its owners.

Professional Service Providers: Engaging the services of specialized agencies or firms that offer UBO search solutions. These providers possess the expertise and access to extensive databases, enabling them to conduct comprehensive investigations.

Benefits of UBO Search in Asia

UBO search offers several advantages to businesses and regulatory authorities in Asia:

Enhanced Due Diligence: UBO search enables businesses to conduct thorough due diligence on their potential partners, investors, or clients. It helps identify any red flags or risks associated with the company's ownership structure.

Risk Mitigation: By identifying the UBOs, companies can assess the level of risk associated with their business relationships and make informed decisions to mitigate potential risks.

Regulatory Compliance: UBO search ensures compliance with the regulations set forth by financial authorities, reducing the likelihood of penalties or legal consequences.

Conclusion

In an era of increasing scrutiny and regulatory focus, UBO checks in Asia or other part of the world have become a vital aspect of doing business in Asia. By conducting UBO search, companies can maintain transparency, uphold compliance standards, and protect themselves against financial crimes. Investing in comprehensive UBO checks and utilizing reliable UBO search methods will not only safeguard businesses but also contribute to a robust and trustworthy business environment in Asia.

[lizseyi]

UK Ranked As ‘Second-Most Business-Friendly Crypto Country’ - TAG Consultancy

In a development that will turn the heads of many a client of ours looking to launch an AML-compliant ICO, a new set of rankings has been released showing the UK as the second friendliest country to crypto firms. 

The rundown was put together by Coincub, which analyses different countries’ crypto economies. Topping the list for crypto friendliness was Singapore, with the island country achieving its number one position on account of such factors as its overall number of crypto companies, the proportional number of crypto firms, fundraising, and venture capital presence. 

How did the UK fare so well in the crypto rankings? 

The UK’s high ranking in the list – placing it ahead of such territories as the Cayman Islands, Hong Kong, and the United States – might surprise some observers, given the scepticism that has been shown towards the crypto space by the country’s financial authorities. 

However, it seems that the global crypto industry has been buoyed by the rise to Prime Minister of Rishi Sunak, who voiced enthusiasm for crypto during his time as Chancellor of the Exchequer, and expressed a determination to make the UK an international hub for crypto. 

Coincub seems to be among the parties that have become convinced of the UK being well-placed to realise its longstanding potential in the crypto sector. 

What other jurisdictions did well – or badly? 

Coincub’s business-friendly ranking report is the first in an intended two-monthly series, with each one carrying a different set of analyses on the global crypto community. It should not be confused with Coincub’s widely acknowledged ‘country rankings’, which are released every quarter, and adopt a broader socio-economic perspective on the international expansion of crypto and blockchain. 

Nonetheless, it is fascinating to see that in its rankings of countries that are friendly to crypto businesses, the UK was ahead of not only the aforementioned countries save for Singapore, but also Switzerland, Estonia, Australia, Norway, Germany, France and Canada. All of these countries were in the top 20 of the overall list. 

Territories that did not perform so impressively included the likes of El Salvador and the Central African Republic, despite both nations having recently adopted Bitcoin as legal tender. They sit in the lower half of the rankings. 

Tap into the broader possibilities of crypto with TAG Consultancy’s help 

Although our team has wide-ranging knowhow and experience in various areas of relevance to individuals and businesses in Gibraltar – including accounting, auditing, business start-up, and more – for many of our clients, it is our crypto solutions that have proved especially vital to their success. 

You might approach us with an interest in initiating an AML-compliant ICO, or perhaps with our in-depth knowledge of DLT licensing or blockchain strategy in mind. 

Whatever the situation for you, if you are a new client of ours, we would be pleased to arrange a free consultation, so that we can discuss how we might work together. Simply call us now on +350 22501252, or complete and submit our online contact form today. 

[followtrendings]

How NRIs can make UPI payments living abroad

Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, United Arab Emirates, and the UK are the ten countries that will support UPI payments. So if you are an Indian living outside of India, you can now make payments via UPI hassle-free with your international number. That means you won’t need your old Indian number to make transactions. It is a news that will bring smiles to Non-Resident Indians because now they can send money back to India to their family and make merchant payments conveniently through UPI. Unified Payments Interface (UPI) is a “Made In India” payment solution and is also one of the largest payment networks in the world. UPI is spreading its roots now and currently, it is made limited to just 10 countries but it is surely just the beginning. You must have a lot of questions going on in your mind like who is eligible to avail of this facility, how will it work, how to make UPI payments and when will this facility be open. We have answered all your queries so read through.

How will this work?

The current scenario is that to make payments through UPI, one needs to have a UPI ID which needs to be activated through apps like GooglePay, Paytm, PhonePe, AmazonPay, etc.  To activate a UPI Id one also needs to have an Indian number that is currently active as well as should be in the phone. This is where NRIs have headaches. The cost of keeping Indian numbers active by international roaming is way too expensive. That’s why people often get a new local number and open a new local bank account rather than paying costly roaming fees. The National Payments Corporation of India (NPCI), the organization in charge of managing India's retail payment and settlement systems, regulated a circular instructing members of the UPI to enable non-resident account types, such as non-resident external (NRE) and non-resident ordinary (NRO) accounts with international mobile numbers, to sign up and conduct UPI transactions. Now the NPCI has announced that NRIs won’t need to have an Indian mobile number to make UPI payments and transactions. It will be possible with an international number. It is all because of the demand from the users. The demand and requests were so high that eventually, UPI is coming to different countries. The member banks will only be required to ensure that the UPI account is permitted in accordance with "the extant Foreign Exchange Management Act (FEMA) regulations and adherence to the guidelines/instructions issued by the concerned regulatory departments of Reserve Bank of India from time to time" in order to enable this facility. These bank accounts must also pass the required Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CT) checks and compliance validations/account level validations as per the extent. Also Read: View Counts Feature Added To Twitter | View Counts Can Be Seen Next To Tweets

Who are eligible to avail this facility?

First, you must be residing in any of the above-mentioned 10 countries. If you are not living there then sorry for now it is only applicable in those countries. Maybe in the future, you might be able to use UPI. Second, to use this option, NRIs must have an NRE or NRO account. An NRO account is a bank account registered in India in the name of an NRI to manage the money produced by him or her in India, whereas an NRE account is a bank account opened in India in the name of an NRI to park his overseas profits and earnings. And third is to add your international phone number to your NRE/NRO bank account.

When is this facility going to start?

The UPI facility for the NRI will start soon. The official date has not been revealed yet but all the member banks of the NPCI have been given a due date of April 30 to onboard all the non-resident account types in India for UPI payments.

How to make UPI payments abroad?

Let's summarize, first, you need to be living in Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the USA, Saudi Arabia, United Arab Emirates, or the United Kingdom. Second, must have either NRO or NRE bank account in India. Third, link your international mobile number to your NRE/NRO bank account.  Fourth, just install any UPI-supporting payment app like Google Pay, or Paytm, log in through your international mobile number and you are good to go. You can just use like you normally do. Also Read: Depressing explanations from astronauts as to why there hasn’t been a moon landing mission in 50 years after Apollo

FAQs

Can NRI account use UPI?Yes, if you are an NRI from Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, United Arab Emirates, and the UK.How to use UPI from my international number?You need to add your current international number to your NRE or NRO bank account. Then when in India, you can use an Indian mobile number, and when abroad you can use your international number.Can I use UPI in my international i.e local bank account?No. You cannot use UPI in a local bank account. You must have a bank account in India and the bank account must be NRE or NRO type. Normal bank accounts won’t work.How to know if my account is NRE or NRO?The answer is simple. Contact your bank. If your account is not NRO or NRE then simply ask your bank to make it so. You will need to fill in some forms and write applications and your account will be NRE/NRO online.How to make UPI payments through GooglePAy abroad?Be it google Pay, Paytm, or any other UPI-supporting app, you will need to log in with your international mobile number, add your bank account, and there you go you can make UPI payments and transactions. But note that your international number must be linked with your NRE/NRO bank account. Read the full article

[amlsquare]

AML in Malaysia

Anti-Money Laundering (AML) compliance involves a framework of laws and regulations aimed at preventing the illicit process of making large sums of money, generated by a criminal activity, appear legitimate. This includes rigorous checks on customer identities, monitoring financial transactions for unusual patterns, and reporting suspicious activities to regulatory authorities. AML Square specializes in simplifying these complex requirements, offering solutions to help businesses maintain compliance effortlessly. Our expert team provides tools and guidance to ensure your AML practices are robust and effective. Stay ahead of legal challenges and safeguard your business—reach out to AML Square today for customized compliance solutions that work for you.

[muslimlawyersg]

Top Best Muslim Lawyer in Singapore

Syariah law is in addition to Singaporean civil law applicable to Muslims living in Singapore. Even though it is a stressful and complicated issue, it too has solutions just like every problem. In such cases, someone who is highly valued is a Muslim lawyer. Be its estate planning, divorce, matters of Islamic finance, child custody or wills, experts can guide you in all areas. However, not every lawyer comes with the right knowledge. But remember the key should be to find the best one. So to lessen your hassle, here are some top Muslim lawyers in Singapore to rely on. ● Mohamed Baiross-  I.R.B Law Managed by Mohamed Baiross, I.R.B Law is a great Muslim law firm. With him and his staff handling all facets of Sharia law, such as divorce, inheritance, adoption, wills, probate, and insolvency, the firm has the largest Syariah law practice in Singapore. Baiross has a high reputation in Singapore and ranks among the attorneys with the highest ratings. He is well known for his kindness and empathy toward his clients. The best thing is that he can speak English, Tamil, as well as Malay. ● Noor Mohamed Marican- Marican and Associates When looking for the top Muslim lawyer in Singapore, you'll surely come across Noor Mohamed Marican. This is because he tops the list since 1974. Since 2012, he has presided over the Association of Muslim Lawyers (AML). He has taken part in a number of extremely important marriage cases during his career, in addition to property ownership issues and criminal prosecutions. He co-founded the legal practice Marican and Associates, and in 2012 he was appointed a Justice of the Peace. ● Ahmad Nizam Abbas- K&L Gates Ahmad Nizam Abbas is another best Muslim lawyer. He has extensive knowledge of family law and probate and is currently the chairman of the Law Society's Muslim Law Practice Committee. He has served as a Child Representative at the Family Justice Court since 2015 and a Family Law Mediator at the Singapore Mediation Center since 2015. Numerous articles on Islamic law, such as "The Islamic Legal System in Singapore," as well as articles on family law and children, as well as comparisons and contrasts between civil and Syariah courts, have been written by him. The best thing about him is that he can communicate in Malay, English, and Bahasa (Indonesian). ● Abdul Rahman Law Corporation ARLC- Abdul Rahman Law Corporation is another best law firms in Singapore. The firm offers a wide range of services linked to Syariah law, such as Syariah-compliant will drafting, Muslim divorce, and Islamic finance among others. The best part is that every prospective customer is entitled to a free consultation with one of its Syariah attorneys. During this moment, they can go over the kind of service they desire and the scope of their financial situation. However, the best part is that its legal team will work to keep things as inexpensive as possible. So rest assured knowing your case will be handled by the best one.

[economicbuddy]

Future of customer onboarding in banking sectors

Customer onboarding refers to the process that new users are provided with through which they acquire the necessary and adequate knowledge, skills, and behaviors in order to become “up and running” and effective users of the banking service. 

 There are a lot of challenges relating to the customer onboarding system. 

 To overcome all the challenges relating to customer onboarding, different financial institutions and banks are now moving towards cutting-edge technologies to improve their efficiencies and effectiveness.

Thus it helps a bank to kill two birds with a common stone as they can satisfy the regulatory standards of the customer along with offering a seamless experience to their end customers at the same time.

 As we are gradually progressing in this blog, we might see customer onboarding utilizing the following means in their future model.

 Future of customer onboarding

Artificial intelligence (AI)

Artificial intelligence or AI is the technology through which computer software can make decisions like a human. A lot of companies like PayPal are using this technology for their benefit which has continuously reduced its false fraud alerts by almost half with the help of an AI monitoring system that identifies different reasons for bad behavior. Moreover, different banking sectors in India have also decided to pledge to AI technology.

Blockchain

Different Banks and financial institutions can currently use distributed ledger technology (DLT) like Blockchain for the KYC process in customer onboarding which would help users to manage their digital identity with high-grade security. Moreover, it can also help these banks, financial institutions, and businesses to manage data efficiently with reliability and ease.

At the international level, A consortium of OCBC Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG), and Infocom Media Development Authority (IMDA) in Singapore has become the first financial institution to come up with a prototype of a Blockchain-based KYC solution in South-East Asia.

Digital identities

A digital identity is a tool that will be used by banks to identify and verify if you’re the one you claim to be. This technology has already been underpinned and used by Electronic Identification and Trust Services of Singapore for Electronic Transactions Regulations 2016. So it will help the bank to encourage transparency and interoperability across various entities of the country.

Biometrics

Biometrics is inherent characteristics of an individual customer which are being used for recognition purposes. These biometrics are based on the behavioral or physical traits of that person like face ID, fingerprint, voice recognition, and iris scanning.

Biometric technology is already being used by different big banks in international banks like BBVA, Maybank, OCBC, etc; however, this technology has yet to gain across-the-board acceptance. 

Although iPhone X has come up with its own Face ID and is making a huge claim on this system that only one out of a million can be duplicated. However, it is a widely accepted method and one must not be surprised if this system becomes an industry standard in the near future.

Data collaboration

The Chartis RiskTech100 Research 2015 demonstrates that around 71% of the respondents have already accepted the fact that there was a requirement to integrate some of the anti-money laundering (AML) and anti-fraud systems into a single technology environment to prevent some risks and fraud.

 It will help different financial institutions or banks to mix their external and internal client data and gain some useful insights into their customers. 

 Although it is not advisable to get rid of all the customer onboarding process, however, such collaborations can offer their banks the advantage of collective knowledge that can streamline the process to offer a rich customer experience.

Conclusion

As you read this article this far, you might come up with the idea of different current challenges associated with customer onboarding and the future of these onboarding processes that will overcome these challenges. 

[iqrasikandar]

The Volentix Digital Assets Ecosystem (DAE) is in the spotlight of blockchain technology project rating services and is one of the highest rated projects of 2019.

On the 5th of November 2018, Volentix officially started accepting qualified buyers who successfully complete whitelist applications through ISO-certified third-party KYC/AML platform Blocktopus.

Also in 2018 Q4, the Volentix DAE officially launched its multi-currency wallet VERTO, building on the earlier launch of the incentives-based recruitment platform VENUE. The VESPUCCI market data analytics engine technical whitepaper was released. VERTO added a partnership with Zixipay.com, a global payment solutions provider, allowing whitelisted buyers to purchase Volextix’s native digital currency VTX by using credit cards or bank transfers.

In January 2019, the downloadable VERTO wallet went mobile, and thousands of Volentix community members received VTX balance confirmations. VENUE bounty programs are growing in popularity and are continuing to distribute VTX widely. Awareness of Volentix’s decentralization initiatives is growing as well, as the public becomes better informed about the importance of sustainable free markets and reliable security for individual identity and property.

Also in 2019 Q4, Volentix attended events with enthusiasts in London, Singapore, and Istanbul. The press coverage was overwhelmingly positive and resulted in massive community adoption on Telegram and Twitter. Particularly noteworthy in Istanbul was the acclaimed lecture by Volentix’s own Yiannis Emiris, Chief Scientist and CTO of Pythagoras Systems in Athens and professor of Informatics at National Kapodistrian University of Athens, Prof. Emiris leads the Volentix development team dedicated to the VESPUCCI market data analytics engine engineered with artificial intelligence. Prof. Emiris is now collaborating with Ismail Polat, of Kadir Has University in Turkey. Mr. Polat is regarded by local media as a reference on blockchain technology.

The robust Volentix community voted the project number one in the Neironix Market Challenge. All of the major rating services praise Volentix, including ICOMarks, which rated Volentix as a perfect 10 out of 10.

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[jimmysrinet]

CRYPTO-CURRENCY FUTURE IN INDIA & TOP TRADING PLATFORMS

Crypto investment 100% legal in India and as per the RBI circular clearly confirms the right to do business with crypto firms but the center soon plans to introduce the cryptocurrency and regulation of official digital money bill, 2021, which is said to contain provisions fully banning the use of all cryptocurrencies in India.

The growing popularity and increasing legal acceptance of crypto forcing countries to protect this digital money.

The world is in the digital age, we all and our business, professional and personal life much influenced by digitalization.

The Most Crypto-Favoring Countries In The World

You must know there are many countries that are creating very much favorable business environment in their countries for the investors and businesses.

Germany

Switzerland

Cyprus

Malta

Singapore

Cryptocurrency is dramatically popular all around the world in terms of long-term investment options, mode of payment, and trading and many countries are counting bitcoins as a substitute for money.

India has a large audience for crypto and there are many companies that are offering buying and selling of cryptocurrencies.

The Indian government is taking various steps to monitor transactions in cryptocurrencies because in crypto transactions big issues in tracking the movement of funds.

Top Trading Platforms In India

1) WazirX

WazirX is India one of the old bitcoin and crypto exchange facilitators and WazirX was founded in 2017 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon.

WazirX is Mumbai based company that helps individual investors to build digital assets.

WazirX is a P2P (peer to peer) crypto exchange that will offer users to buy, sell and trade digital assets cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple(payment protocol)

2) Zebpay

Zebpay is India’s growing Bitcoin and crypto facilitator and you can start trading with only Rs 1oo.

Zebpay is headquartered in Singapore and a company expanding across the world and targeting both crypto-traders and crypto-focused investors from across the world.

Zebpay is expertise in blockchain and Bitcoin and still strengthening in this sector.

The company is targeting Indian investors and focusing on the utilization of growing demand and trends on digital money.

3) BuyUcoin

BuyUcoin best in sector blockchain-based solutions for crypto trading with automatic KYC/AML characteristics to ensure secure, easy, and fast crypto buying, investing and selling.

The company offers a fast and secure crypto wallet to Buy, sell, store and trade Bitcoin in India and throughout the world with 24/7 availability.

4) Coin DCX

CoinDCX was founded in 2018 with aiming user experience and security in the mind and offers instant fiat to crypto conversion with zero fees.

Coin DCX is a Singapore-based company that claims to fastest cryptocurrencies buying, selling of Bitcoin and other digital currencies.

5) CoinSwitch

CoinSwitch is Indian origin company headquartered in Bangalore India and CoinSwtich is an app-based cryptocurrency facilitator especially Indian market for retail investors.

The company was founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar.

The company offers a trade of Bitcoin, Ethereum, Litecoin, Ripple, Dash, and others with Indian rupees.

Wrapping Up

As growing popularity and trends in crypto, investors, and facilitators increasing day by day, and the government is monitoring these digital assets and platforms for investors’ security and transparency in transaction and origin of funds.

Digital money now a unique method in making money and become rich because of its growth rate history and growing acceptance in the world.

Digitalization has lifted these assets so much and now many countries have given special privileges to these assets and investors.

Digital money has the highest ROI  and people are attracting rapidly to these currencies and Company Tesla boosting these crypto market demands by offering the purchase of Tesla electric cars with the exchange of Dogecoin.

In the future, more clarity will come in the crypto market and buying and selling practices from the government because of insecurity of the origin of funds.

I have added as much as required but your recommendations and suggestions highly welcome so that I can offer you more valuable and engaging content.

[lizseyi]

Crypto Giant Sets Out Regulatory Framework To Help Transform The UK Into A Global Hub For The Industry - TAG Consultancy

Could the UK finally begin realising what is surely its abundant potential in the crypto space? There are hopes of that in light of the rise of former Chancellor – and crypto fan – Rishi Sunak to the top job in British politics, and now, one of the leading crypto firms has outlined how it could be made a reality. 

What is contained within the policy paper? 

Ripple, which is known for its enterprise blockchain and crypto solutions, has published a policy paper entitled Block by Block: Building Up the UK as a Global Cryptoasset Centre. 

The paper sets out a framework for regulation that could support the UK’s journey to becoming one of the world’s crypto hubs through the cultivation of innovation and growth, encouraging investment, and ensuring the public and policymakers are well-informed on the sector’s benefits and risks. 

Given the UK’s status as one of the biggest international financial centres, the country would seem advantageously positioned to tap into the next wave of global financial innovation through the development of its cryptoasset sector. 

Furthermore, the new Prime Minister is on record as having voiced his support for crypto and blockchain solutions, having declared in April – when he was still Chancellor – that it was his ambition to “make the UK a global hub for cryptoasset technology”. 

Those combined factors indicate the UK could be on the verge of delivering a regulatory framework that is transparent, principled and proportionate, in what would be great news for the local ecosystem for cryptoassets. 

“The UK cannot afford to fall behind” 

EMEA policy director at Ripple, Andrew Whitworth, commented: “Heading into the summer, the UK’s crypto ambitions were ready to be realised, and after a period of instability, it’s time to get that train back on the rails and move forwards. 

“We’ve seen other jurisdictions take progressive steps to offer regulatory clarity for their local cryptoasset industries, and the UK cannot afford to fall behind. Our policy paper speaks directly to UK regulators, and offers guidance on how they can collaborate with the private sector and build the UK as a global crypto centre.” 

The Ripple paper considers the UK’s regulatory approach and compares it to that of progressive administrations ranging from Singapore and Dubai to the European Union (EU). 

Various policy ambitions are set out by the paper, including the need to develop a clear and differentiated regulatory framework that treats the cryptoasset space’s different actors according to their own risk profiles. 

In addition, Ripple calls in the paper for investment in resources and improved coordination between regulatory bodies and the private sector, to help ensure efficient and timely responses to industry developments and innovation. 

Finally, the crypto giant said there needed to be a commitment to public education to help develop policyholders’ and the wider public’s understanding of the crypto industry, including both its advantages and risks. 

TAG Consultancy stands ready to help you realise your own ambitions in crypto 

When it comes to a complete range of business circumstances and needs, TAG Consultancy can help. With our areas of expertise and experience including everything from accountingand auditing to business development and AML crypto services, we are well-placed to support your own drive for growth; simply get in touch with us today to arrange your free consultation.

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