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How KYx changing the lending tech
a banking and exchange regulation term for financial institutions and other companies working with private individuals’ money, meaning that they must identify the counterparty before conducting a financial transaction.
Third, the application of the KYx principle allows to increase trust in business both on the part of current clients, and on the part of potential clients, and also to build stronger relations with potential investors and partners.
Identification and verification are part of the procedure, which banks and other subjects of primary financial monitoring are obliged to conduct before establishing a business relationship with the client, making a transaction, conducting lending operations, or account opening.
The ability to use the results of identification and verification conducted by another bank (another entity of financial monitoring) should form a culture of interaction between financial institutions and greatly simplify the work of customers with several banks and other financial market participants.Depending on the customer and the risk mitigation strategy, the other factors that need to be monitored are: The KYC procedure implements the recommendations of the FATF (The Financial Action Task Force) –
The minimum requirements to open an individual financial account are stated in the CIP (Customer Identification Program): The CIP usually provides guidance, and it’s up to the individual institution to choose the exact level of risk and set a policy for that risk level.
Thus, the use of LEIs in other methods of verification of legal entities, including solutions based on digital certificates and blockchain technology, will make it easy to connect all records associated with a particular organization and determine the owner.
With their help, the financial institutions are able to communicate and interact with their customers using web cameras and enable financial institutions to remotely set both the customer onboarding process and the required KYC procedures, taking into consideration the AML regulations.
As the verification and analysis of such data can take several dates, obliged entities need modern technology to be effective and automate the necessary processes for collecting data promptly and identify the potential suspicious transaction.
Ways to apply machine learning and Artificial Intelligence in this context include: The future of the banking industry will depend on its ability to influence consumer understanding, enhanced analytics, and digital technologies to provide services that help today’s technology customers better manage their finances and their daily lives.
By leveraging the power of the latest technology, organizations can ensure that their KYC procedures deliver benefits in the form of cost savings, streamlined operations, and ultimately, improved customer service.
The KYx’s precautionary measures go beyond simple account opening and accounting and require banks to develop a customer reliability policy and a multi-level customer identification program that includes comprehensive customer due diligence and high-risk transactions, as well as preventive monitoring of suspicious activity.
Thus, the transition from the traditional perception of KYC to its digital version opens up new opportunities for companies not only to maintain stable development but also to stay ahead of their closest competitors by improving products and services.
With the help of the latest technology stacks and technical skills of our developers, we are creating solutions that streamline your business operations, deliver values, and ensure the security of Fintech products on all possible levels.UppLabs IP for KYC, KYE, KYV in lending and other Fintech software:
2021 Trafficking in Persons Report
This report is submitted in accordance with section 405(c) and (d) of the Child Soldiers Prevention Act of 2008 (22 U.S.C. 2370c-2(c) and (d)) (CSPA).
The Secretary of State identified the following countries as having governmental armed forces, police, or other security forces or government-supported armed groups that recruited or used child soldiers within the meaning of section 404(a) of the CSPA during the reporting period of April 1, 2019 – March 31, 2020: Afghanistan, Burma, Cameroon, Democratic Republic of the Congo (DRC), Iran, Iraq, Libya, Mali, Nigeria, Somalia, South Sudan, Sudan, Syria, and Yemen.
For example, the International Military Education and Training (IMET) program funds professional military education and training for the Afghanistan National Defense and Security Forces (ANDSF) that improves their capabilities, promotes respect for human rights, improves defense resource management, civil-military cooperation, and education on gender-based violence and women’s health, and enhances interoperability for U.S.-Afghan joint operations.
During an early July 2019 evaluation meeting in Yaoundé, the Head of the DDR Committee, Francis Fai Yengo, stated that at least 56 armed separatist fighters in the Northwest and Southwest Regions were reported to have laid down their arms and joined DDR centers, while 109 Boko Haram fighters had laid down their weapons in the Far North Region and were being housed at the DDR center in Mora.
We are engaging with the government of Cameroon to encourage an investigation of the single case of Cameroon’s security forces using a child for the gathering of intelligence that resulted in their inclusion on the 2020 CSPA list and to prevent similar situations from occurring again.
The Democratic Republic of the Congo (DRC) The President has determined it is in the national interest of the United States to waive in part the application of the prohibition in section 404(a) of the CSPA with respect to DRC to allow for the provision of IMET and PKO assistance and has certified that the Government of the DRC is taking effective and continuing steps to address the problem of child soldiers.
PKO and IMET funding for DRC would enable the United States to continue to work to increase professionalization of the military, allowing it to provide security within its territory without resorting to violations or abuses of human rights or violations of international humanitarian law (IHL).
In addition, PKO and IMET funding has supported areas such as military justice, civil-military relations, human rights training, IHL training, English language training, military engineering, and resource management and logistics, which not only enhances security provision, but also helps make the FARDC a more transparent, accountable institution.
President Tshisekedi has stated that he believes that improved security will enable health workers to counter COVID and other global health threats stem illicit mineral smuggling, other illicit trafficking of natural resources and transnational criminal organizations, catalyze regional economic integration, and provide a much-needed boost to DRC’s development.
secure DRC is essential to attracting the foreign investment and business necessary to leverage the country’s estimated $24 trillion in mineral wealth and improve the welfare and livelihood of millions of Congolese people.
U.S. security assistance supports a more stable, democratically-governed nation through improving the capacity and governance of core national-level security institutions, creating an environment conducive to economic opportunities, responding to urgent humanitarian needs, and addressing the root causes of conflict.
This waiver will allow the United States to provide security assistance that will support improving governance and the rule of law, promoting peace and security, combating corruption, advancing human rights, and creating conditions for greater U.S. investment and economic growth.
The number of prosecutions of both state and armed group actors for human rights violations and abuses, including unlawful recruitment and use of children, is at an all-time high, as are the number of separations of children from armed groups.
The government established a formal anti-trafficking inter-ministerial committee that monitored shelters, coordinated with NGOs and international organizations to identify and protect victims and drafted and launched the government’s first national anti-trafficking action plan.
In partnership with international organizations, the government also continued to undertake measures to prevent and end the use of child soldiers, including separating child soldiers from non-state armed groups, and conducting age verification screening of recruits.
This waiver will allow the United States to continue to provide the assistance, support, and human rights training necessary to achieve these goals, and to help Iraq build its capacity to conduct effective, sustained counterterrorism operations against ISIS.
As part of this effort, the United States government will continue working to encourage the GOI to monitor progress and take additional actions to prevent the unlawful recruitment and use of child soldiers, and to identify, demobilize, rehabilitate, and reintegrate children serving in militias associated with the PMF.
These initiatives, as well as any near-term security sector programming, will be used to support the security sector reform/disarmament, demobilization, and reintegration (SSR/DDR) and governance needed to end the conflict and the recruitment and use of child soldiers.
The Department of Defense intends to re-engage with and build the capacity of the Libyan armed forces under 10 U.S.C. 333 in support of U.S. national interests in fighting terrorism, countering violent extremist organizations and illicit smuggling.
The GNA is taking effective and continuing steps to address the problem of child soldiers, including by working closely with the U.S. government in the context of our recurring bilateral Security Dialogue to disarm and demobilize the militias, which engage in their recruitment and use.
Section 333 is used to support the Air-to-Ground Integration (AGI) program, which integrates intelligence, surveillance and reconnaissance (ISR), precision strike, and military intelligence to increase the effectiveness of the Nigerian Air Force while reducing the potential for civilian harm through human rights and IHL training in support of the nationally-funded FMS Super Tucano A-29 lines of effort.
Lastly, section 333 is used to support counter-improvised explosive devices (C-IED) or route clearance programming which enables the Nigerian military to escort humanitarian assistance convoys in the volatile Northeast where the violence wrought by ISIS-West Africa and Boko Haram has displaced 1.8 million civilians and rendered 9.8 million in the Lake Chad region in need of humanitarian assistance.
The Embassy will press the Nigerian government to improve the education of its armed forces on the laws and policy against the unlawful recruitment and use of child soldiers and to pay particular attention to remote outposts where such incidents are more likely to occur.
Somalia The President has determined it is in the national interest of the United States to waive in part the application of the prohibition in section 404(a) of the CSPA with respect to Somalia to allow for the provision of IMET, PKO, and support provided pursuant to 10 U.S.C. 333 and has certified that the Government of Somalia is taking effective and continuing steps to address the problem of child soldiers.
Further, a waiver for support provided by the Department of Defense pursuant to 10 U.S.C. 333 will allow for U.S. government assistance to build the Somali military’s capacity to conduct effective, sustained counterterrorism operations against al-Shabaab and, through cooperation, help reinforce U.S. values including those related to preventing and responding to the unlawful recruitment and use of child soldiers.
The CPU raised awareness of child protection activities, through inter-ministerial meetings with the Ministry of Women and Human Rights, Internal Security, Justice, Health and Education, and developed and disseminated radio and print media content regarding the prevention of child recruitment and conscription in armed conflict.
The United States continues to work with the FGS, including through the CPU, and the UN to monitor progress on the 2012 action plan and urge additional actions to prevent the unlawful recruitment and use of child soldiers and to demobilize, rehabilitate, and reintegrate children identified in the SNA or associated groups, or children previously associated with al-Shabaab.
South Sudan The President has determined that it is in the U.S. national interest to waive in part the application of the prohibition in section 404(a) of the CSPA with respect to South Sudan to allow for provision of PKO assistance and has certified that the Government of South Sudan is taking effective and continuing steps to address the problem of child soldiers.
PKO funds may also support International Code of Conduct Association efforts to improve oversight of private security contractors at the United Nations Mission in South Sudan (UNMISS) to ensure that UNMISS is able to fulfill its mandate of protection of civilians to help enable the peace process to succeed.
Given the essential role that these monitoring mechanisms or efforts play as the parties to the R-ARCSS continue to work to implement the peace agreement and form a transitional government, waiving restrictions to PKO assistance is in the U.S. national interest.
Despite commitments from South Sudan armed groups in February 2019 to prevent and end the “six grave violations” against children, the UN continues to verify reports of such “grave violations” against children committed by all parties to the conflict.
Multiple NGO reports indicate the continued unlawful recruitment and use of child soldiers by governmental armed forces and that the collection and verification of information pertaining to child soldier recruitment and use was often hindered by access constraints.
A waiver to allow the continuation of PKO assistance to support CTSAMVM and RJMEC will help maintain accountability regarding the Government of South Sudan’s unlawful recruitment and use of child soldiers by allowing critical funding for the continued operation of these key oversight and monitoring mechanisms.
Yemen The President has determined that it is in the national interest of the United States to waive in part the application of the prohibition in section 404(a) of the CSPA with respect to Yemen to allow for provision of PKO, IMET, and support provided pursuant to 10 U.S.C. 333 and has certified that the government of Yemen is taking effective and continuing steps to address the problem of child soldiers.
An end to the conflict will be critical in ending the further deterioration of socio-economic and security conditions, ensuring long-term stability, and securing the space for restoring effective governance institutions that are capable of partnering with the United States and the international community in combatting terrorism.
To that end, PKO funding may be used to support UN Special Envoy efforts, including the participation of Yemen’s military leadership, to reach an agreement to end the Yemeni conflict and allow for the resumption of a peaceful, inclusive, and Yemeni-led political transition.
The Department of Defense intends to use its authority under 10 U.S.C. 333 to re-engage with and build the capacity of the Yemeni Armed Forces – the military of the recognized government of Yemen – in support of U.S. national interests in fighting terrorism, countering violent extremist organizations and illicit smuggling, and ensuring freedom of navigation through the Bab Al-Mandeb Strait.
This carefully calibrated support would be provided to the Yemen Border Guard, Yemen Coast Guard, and Yemen Special Operations Forces units not directly engaged in the current conflict, but rather involved in efforts against malign third party influences contributing to the on-going conflict and crisis.
In 2019, the Yemeni government took concrete steps to raise awareness of risk factors for child soldier recruitment and use, to rehabilitate child soldiers, and to amplify activists’ calls for the Houthis to stop recruiting and using children.
A February 2020 seminar in the government-controlled city of Ma’rib, held by ROYG ministries and NGOs with support from Saudi Arabia’s King Salman Humanitarian Aid and Relief Center (KSRelief) addressed strategies to reduce unlawful recruitment and use of child soldiers, taking into account the social and political contexts of the practice.