Episode 11: Emerging Payments and Banking Firms
Description
As the number of choices available to banking customers in the UK has grown to include non-traditional platforms, the pool of institutions that regularly report SARs has expanded and diversified. Terms such as ‘challenger bank’, ‘digital bank’, ‘FinTech’, ‘e-wallet’, ‘e-money’ and ‘cryptocurrency exchange’ are now commonplace within the SARs regime and the terminology used to discuss these reporters can be crucial to understanding the different services that they offer.
In this podcast, we chat with Mike Venn, the Group Head of Risk and Compliance with Modulr to try and get a better understanding of this area.
00:00 Introduction
01:23 Modulr introduction
03:21 Emerging, mobile-based firms
05:44 Clarification of services offered
07:11 Know Your Customer (KYC)
09:45 Identifying suspicious activity
12:05 Interaction with the UKFIU
14:03 Conclusion
Resources mentioned in this podcast
UKFIU pages on the NCA website:
SARs In Action magazine issue 18:
https://nationalcrimeagency.gov.uk/who-we-are/publications/625-sars-in-action-december-2022/file
United States
