Payments Group Issues New Guidance on Tackling Financial Threats

Payments Group Issues New Guidance on Tackling Financial Threats

April 16, 2020

In an effort to help organizations combat financial crime, the U.K.-based Emerging Payments Association (EPA) has new guidance for digital identification and authentication. 

EPA officials say the release of the guide is timely due to the growth in global digital transactions and acceleration to digital channels amid the current Covid-19 crisis. 

“The crisis introduces new opportunities for companies, it also provides opportunities for criminals to exploit gaps in defenses,” the group said in a release. “Financial crime is a global problem with organized crime transcending geographic boundaries. This guidance explains how specific identification requirements and standards vary on a national, international and regional level, citing AML regulations and directives.”

EPA said the guide details the component parts of identification and authentication processes, as well as the current solutions and technologies to consider when trying to meet regulatory requirements. It also details how to identify and verify an organization and why it is important to harness verification sources and technology to carry out high-quality checks. 

“These checks help when investigating money laundering or identifying shell companies. Equally, the process of identifying and verifying an individual is important to ensure they are not a risk to a company whilst following data protection guidelines,” the group stated. 

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Joan Goodchild

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