ComplyCube

As we look back on an extraordinary 2024 at ComplyCube, we’re proud to share the key accomplishments that have helped shape our growth, strengthen our global presence, and reinforce our commitment to innovation and security. 🌏 This year, ComplyCube has... ⏰ Onboarded 95.6% of our clients’ global customer base in under 1 minute. 💰 Prevented over $141M in potential money laundering attempts. ❌ Blocked over 92% of fraud attempts in real-time. 🏆 Received top awards for innovation, customer service, and tech excellence. 🌟 Maintained a flawless 100% uptime for our services throughout the year. 🥇 Been awarded 5 prestigious certifications including UK DIATF, ISO 9001, and PAD Level 2. 🏦 Enabled over 4.5 million unbanked individuals to access financial services, promoting inclusion. 💻 Unveiled our new Trust Centre, showcasing our market-leading security and compliance posture. 🛠️ Built customised solutions, including integrations with the DVLA (UK) & AAMVA (US). 📲 Launched several major features, hundreds of enhancements, and integrations. ✅ Verified millions of identities, safeguarding businesses and building digital trust on a global scale. Wishing you all a very happy new year, here's to 2025! 💙 #compliance #regtech #newyear

Our December issue of The Trust Edition is out! Here's a sneak peek of this month's headlines: 💰Klarna's £35M Fine: A look into the fintech’s AML violations and how this might affect the future of Buy Now, Pay Later services. 🇻🇳 Vietnam’s Digital Crackdown: What the new identity verification law means for social media users and businesses operating in Vietnam. 👤 Face ID Farming: How cybercriminals are exploiting facial recognition technology and what steps businesses can take to protect themselves. 🍁USD 2.46 Million Fine on Exchange Bank of Canada for AML Non-Compliance: FINTRAC issues hefty fine after the bank fails to submit suspicious transaction reports and failing to monitor ongoing business relationships. And as 2024 comes to an end, we’re proud to share some of ComplyCube's key achievements this year as we continue to strengthen our commitment to innovation, security, and inclusion. 🗞️ All this and more in this month's edition. #compliance #newsletter #regtech

🔥 CryptoCubed December is out, and here are some of this month's headlines: 🪙 Bitcoin climbed to an all-time high, surpassing $106,000, following President-elect Donald Trump’s indication that he may establish a U.S. bitcoin strategic reserve akin to the country’s strategic oil reserve. 📲 Hailey Welch, known as the viral “Hawk Tuah” TikTok star, faces backlash after her newly launched meme coin value crashes within only a few hours of its release. ✅ The next stage of MiCA (Markets in Crypto Assets) has taken effect this December. Although the crypto industry has had ample opportunity to get ready, the new rules will still require adjustments to how crypto businesses operate. 🇬🇧 The UK's Financial Conduct Authority (FCA) is seeking feedback on new proposed rules as part of the U.K.’s strategy to create a comprehensive regulatory framework for the crypto industry. The latest discussion paper outlines potential registration, disclosure, and conduct requirements to combat market abuse in the sector. 🤯 A cryptocurrency trader is said to have transformed a $27 investment in the Pepe meme coin into an astonishing $52 million. All this and more on CryptoCubed: https://lnkd.in/eD8SYV6e #crypto #cryptonews

Wishing you a magical holiday season from all of us at ComplyCube! ❄️✨ As we bid farewell to another year, we’re filled with gratitude for the connections and milestones we’ve shared with you. This holiday season, we hope you find moments of peace, joy, and inspiration to carry into the new year. Here’s to wrapping up this year on a high note and stepping into the new one with excitement and purpose. Thank you for being an invaluable part of our journey. Happy Holidays and best wishes for the year ahead! 🎄

💡 “The introduction of the European Digital Identity Walletis bringing the European Union to the brink of a digital revolution, transforming the way European citizens and businesses handle their personal data and carry out transactions across borders.” ~ The Banking Scene, 2024   The EU formally adopted eIDAS 2.0 in 2023, with its implementation set to unfold progressively over the course of 2024 and beyond. eIDAS 2.0 introduces revamped regulations that establish the European Digital Identity Framework and pave the way for the rollout of the EU Digital Identity Wallet (EUDI). EUDI is designed to mark the beginning of a future of trusted digital identities, allowing all European citizens, residents, and businesses to use their eID across EU member states without the need for additional registration or verification steps.   ✅ This will be a welcomed development, as a recent survey found that 63% of EU citizens expressed a desire for a "secure, single digital ID for all online services."   Read our latest guide on eID schemes and Europe’s digital future: https://lnkd.in/eWan6Ueb   #eid #identityverification

The Financial Action Task Force (FATF) crypto guidance leads global and UK crypto regulation policies, which have evolved drastically since 2018 as the threat perceived by the industry has increased. 💰Due to their anonymity, digital assets have become a significant avenue for money laundering. In 2022, laundering volumes reached $31.5 billion, dropping to $22.2 billion in 2023, showing some progress. Yet, these figures are still alarmingly high. During the same period, the concentration of laundering through the top five off-ramping services (platforms converting crypto to fiat currency) increased from 68.7% to 71.7%. This highlights the urgent need for stricter KYC and AML procedures at major crypto institutions to mitigate financial crime. In the UK, the Financial Conduct Authority ensures that UK legislation follows FATF global guidelines. Crypto firms are required to: ✅ Register with the FCA: All UK crypto businesses need to receive authorization from the FCA for AML/CFT compliance. ✅ Apply the Travel Rule: Businesses need to collect and share information on transaction origins and beneficiaries. ✅ Implement KYC and AML controls: Organizations need to ensure that there is ongoing due diligence on customers and on transactions. Ensuring that KYC measures are stringent helps reduce the chance of fraudulent practices. The FCA, like the FATF, believes in a risk-based approach, stating, “Our supervisory approach to cryptoasset businesses is in line with our approach to other businesses under the MLRs. It is risk based so that businesses which pose the greatest money laundering and terrorist financing risk receive an increased level of supervisory focus. Higher-risk customers therefore need ongoing monitoring.” 💡 For more information on critical crypto regulations in the UK, read “FATF Crypto Guidance: Securing the Sector.” 👉 https://lnkd.in/eUxfSuhA #crypto #cryptoregulations #kyc #aml 

🌍 Reimagining Africa with AI: A Week to Remember in Algiers Last week, I had the privilege of attending the African Startup Conference, where AI themes took centre stage. One of the highlights was delivering a panel discussion alongside Joshua and Harry titled: 🎯 “The Trust Factor: Driving Economic Growth in Africa and Algeria – FinTech, Postal Services, & Telcos as Catalysts for Change.” Our session had an unexpected twist – a logistical hiccup led to our panel room being double-booked. Amokrane and Ghani were scheduled to present on personal branding and trust. But instead of letting this derail the momentum, we joined forces and merged the two sessions. The result? A lively, thought-provoking exchange that enriched the conversation for everyone involved. 🙌 Huge thanks to both for their flexibility and collaborative spirit! Beyond the conference, my time in Algiers was nothing short of extraordinary. From vibrant discussions with African startups to the infectious energy of the youth driving change across the continent, the experience was deeply inspiring. The venue, CIC Alger, deserves special recognition. 🌟 A fantastic, world-class venue, it is beautifully architected and equipped with exceptional facilities that made the event even more remarkable. And let’s not forget the impromptu midnight strolls through the scenic streets of Algiers! The stunning architecture, beautifully illuminated landmarks, and the history-rich Casbah created the perfect backdrop for exchanging ideas with brilliant minds from around the world – including the US, Spain, Portugal, Ethiopia, Zimbabwe, the UK, France, Slovenia, Switzerland, Algeria, Tunisia, Congo, Ireland, and more. Badreddine, Adam, Raibed, Miguel,  Rocio, Gracious, Wakwaya, Joe, Abel, Yousra, Fouad, Cina, Ilyes I’d like to extend my deepest gratitude to H.E Sid Ali Zerrouki for his invaluable insights and for taking the time out of his busy schedule to exchange ideas. My thanks also go to H.E. Yacine Oualid whose warmth, spontaneity, and depth of knowledge left a lasting impression and made the event even more memorable. As we look to the future, I’m excited for what lies ahead. Next year, we’ll return with an even stronger presence, showcasing ComplyCube’s unwavering commitment to driving innovation and empowering growth across Africa. A special thanks to their excellencies Mr. Yacine Oualid l and Mr. Noureddine OUADAH for their exceptional hospitality and for organising such a successful event. I have no doubt that the 2025 conference will be even bigger and better. Finally, my heartfelt appreciation goes to Selma MOULOUDJ whose exceptional agility and dedication played a key role in the event’s success. Despite being a volunteer, Selma led from the front, embodying professionalism and serving as a fantastic host throughout. 🙏 Here’s to the future of Africa’s innovation and collaboration – we’re just getting started! #AfricanStartups #AI #Innovation #FinTech #Africa

💡 50 % of UK businesses have experienced cybercrime over the past 12 months. 40% of all crime in Great Britain consists of fraud, with an estimated 80% of that having been cyber-enabled. These are core reasons why the UK DIATF framework was put in place by the UK Government’s Department for Science, Innovation and Technology (DSIT) and the office for Digital Identities and Attributes (OfDIA). The UK DIATF framework was launched in response to the growing and dynamic threat of digital fraud. Since the COVID-19 pandemic, the shift toward online business operations and advances in technology have driven demand for robust identity verification (IDV) and anti-money laundering (AML) solutions. Valued at $10.45 billion in 2023, the global IDV market is expected to grow significantly, reaching $11.97 billion in 2024 and an impressive $39.82 billion by 2032, with a projected compound annual growth rate (CAGR) of 16.2%. The UK Digital Identity and Attributes Trust Framework (DIATF) was created as part of the government's wider initiative to establish a secure digital ecosystem for identity verification. Before its implementation, the UK's approach to digital identities, identity verification and preventing identity fraud was extremely fragmented. Read the full guide: https://lnkd.in/eeY7zmTC #identityverification #idv 

💡 Trump’s recent victory has marked a key turning point within the global crypto market, with the price of Bitcoin surging above $80,000 for the first time in history. Dogecoin, which is being heavily promoted by Trump-supporter Musk, is also making large gains. As a presidential candidate, Trump pledged that if elected, he would make the US the “crypto capital of the planet,” easing crypto regulations to foster growth and innovation. 🤔 What remains to be decided is whether this is an example of practical, forward-thinking economic policy anchored on hedging against inflation and promoting global liquidity or a last-minute scramble to win over corporate America, which will ultimately lead to not just a bullish Bitcoin market but a bullish crypto fraud one too. 📖 Read our latest guide to find out what this might mean for crypto fraud. https://lnkd.in/eECunNth #crypto #cryptofraud 

💰Americans lost $5.6B to crypto scams, often referred to as “pig butchering crypto scams,” in 2023, yet this doesn’t seem to have been the wake-up call we might have expected it to be. Over 50,000 investment scams were reported in America in the first half of 2023, costing consumers $2.5B. These investment scams mostly revolved around investing in cryptocurrencies with the promise of obtaining a large return. The median loss for investment scam victims in the first half of 2024 was $9,000 – a $1,000 increase from last year. With the U.S. facing mounting losses, it begs the question: has the UK managed to steer clear of this form of cryptocurrency fraud, or is it on the verge of a similar costly reckoning? Read our latest guide, “Americans Lost $5.6B to Pig Butchering Crypto Scams in 2023 - What About the UK?” 💻 https://lnkd.in/e4NBB4zc #cryptoscams #cryptofraud