National Economy
Monday, August 25, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Backpage

Where Is The Fighting Ground Of Fintech Firms?

by Rarzack Olaegbe
1 month ago
in Backpage
Reading Time: 2 mins read
Where Is The Fighting Ground Of Fintech Firms?
Share on FacebookShare on TwitterShare on Telegram

Ground fighting is hand-to-hand combat. It is on the ground. It is a term used in mixed martial arts. Do you remember Israel Adesanya of the Ultimate Fighting Championship fame? Other combat sports use ground fighting. It is a set of grappling techniques. It is the focus of Brazilian Jiu-Jitsu. It comes in varying degrees in Catch-wrestling, judo, jujutsu, sambo, and shoot. It is useful in some schools of Shuai Jiao and other styles of wrestling.

On The One Hand
The fighting ground of all fintech and alternative banking services providers is customer onboarding. To succeed in this fight, strict adherence to KYC measures prevails. Tension abounds. Pressure heightens. Research has shown that as KYC banking regulations heat up, fintech and banks are under pressure. Because financial crime is increasing. The challenges for banks and fintech to be compliant have also surged.

On The Other Hand
“The central pillar of KYC is validating the authenticity of a new customer during the onboarding process. Business onboarding involves untangling complex business structures. And identifying the ultimate beneficial owner. This part of the KYC process in banking is online. This is due to the onboarding standard of automatic video identification,” a report by Electronic IDentification disclosed.
The RegTech firm detailed how new KYC requirements for banks are helping in the longstanding battle with the scourge of financial crime. It shared that financial service providers play a key role. This role has helped to stop the proliferation of dirty money from getting into the global financial system. As such, developing a nuanced understanding of what KYC entails in banking and fintech is imperative for all financial service providers.

In The Long Term
In “How KYC Requirements for Banks are helping to Fight Financial Crime,” the report stated that with challenges from financial crime on the increase, regulators such as the Financial Action Task Force (FATF) have already upped their compliance measures. It has called on firms to adopt RegTech solutions as best practice for KYC compliance.
The initial customer onboarding is the first step in KYC bank compliance. Customer due diligence should be performed regularly. Depending on the risk that was determined during onboarding, the frequency and intensity of bank KYC can increase. “The customer’s risk assessment level feeds into anti-money laundering (AML) continuous monitoring with AML rules becoming stricter for riskier customers,” it announced.
The report mentioned that maintaining strict adherence to KYC compliance is necessary. Not only for the huge financial penalties, but also for avoiding the reputational damage associated with money laundering scandals.
Many KYC processes aim to triage customers according to their relative risk for banking and financial service needs. KYC documents provide banks with the proof required for identification verification. And customer risk assessment. The complexity of documents required has increased for banks and fintech companies aiming to operate globally. Now, every country and each jurisdiction in a country has different document requirements in different languages.

You May Like

Who Owns Largest Data Centre In Nigeria?

Lagos Ports Modernisation:Time is Now!

 

Tags: Where Is The Fighting Ground Of Fintech Firms?
ShareTweetShare
Previous Post

FIFA Opens Office In Trump Tower

Next Post

Oyetola Vows To End Fish Importation

ANOTHER GOOD READ

Who Owns Largest Data Centre In Nigeria?
Backpage

Who Owns Largest Data Centre In Nigeria?

6 days ago
Lagos Ports Modernisation:Time is Now!
Backpage

Lagos Ports Modernisation:Time is Now!

2 weeks ago
How KYC Not PEP Helps Fintech Growth
Backpage

How KYC Not PEP Helps Fintech Growth

3 weeks ago
Impact Of Fake Colleagues In A Workplace
Backpage

Impact Of Fake Colleagues In A Workplace

4 weeks ago
Why Victims Of Ransomware Attacks Pay Ransom To Criminals
Backpage

Why Victims Of Ransomware Attacks Pay Ransom To Criminals

1 month ago
Are Africans Genetically Inferior?
Backpage

Are Africans Genetically Inferior?

2 months ago
Next Post
Oyetola Vows To End Fish Importation

Oyetola Vows To End Fish Importation

Most Recent

Tackling The Rising Rent Crisis In Abuja: A Focus On Affordability And Sustainable Solutions

Tackling The Rising Rent Crisis In Abuja: A Focus On Affordability And Sustainable Solutions

August 22, 2025
PCN Seals 486 Pharmacies, Patent Medicine Stores In Niger

PCN Seals 486 Pharmacies, Patent Medicine Stores In Niger

August 22, 2025
Federal Gov’t Approves ₦142bn For Bus Terminals In 6 Geopolitical Zones

Federal, State, Local Govts Share Record N2.001trn As July Allocations

August 22, 2025
Visa: ‘It’s Tit-for-Tat’, Nigeria To Demand Social Media Disclosure From American Applicants

US Suspends Work Visas For Nigerian Truck Drivers, Others

August 22, 2025
Tourism: Gov Eno Orders Demolition Of Illegal Structures For New Projects

Hardship: Akwa Ibom Gov Lifts 476 Less-privileged With N239m Grants

August 22, 2025
Boat Mishaps: Jamoh Advocates Standard On Inland Water Ways Usage

Boat Mishap: Response Team Confirms 4 Deaths, 41 Rescued

August 22, 2025
Land Transport Policy Will Ensure Road Safety

Land Transport Policy Will Ensure Road Safety

August 21, 2025
FCT Minister Flags Off Karu Water Project, Vows Completion By June 2026

FCT Minister Flags Off Karu Water Project, Vows Completion By June 2026

August 21, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy