A 2021 FATF analysis found that over 50 jurisdictions had identified the misuse of professional services, especially legal and accounting, for money laundering. In India, the Enforcement Directorate has increasingly flagged professionals’ roles in high-profile cases, including setting up shell companies and routing funds offshore.
Data breaches surged by ~78%, exposing ~US$1.8 billion records globally, while Gartner predicts compliance spending will rise by ~40% by 2026. Once a back-office function, compliance has become a strategic priority, influencing business decisions and partnerships.
Despite growing awareness around financial literacy, India continues to lose an estimated ~US$100 million each year to Ponzi schemes. In many parts of the country, financial education has come too late, only after countless individuals have already fallen victim.
UPI-related frauds have surged by 85%, rising from 725,000 cases in FY23 to 1.34 million cases in FY24. While UPI has transformed India’s digital payment landscape, the spike in fraud follows a familiar trajectory. As financial systems evolve, from counterfeit currency to forged cheques, and now digital transactions, so do the methods of exploitation.
Fios Compliance was engaged to conduct an Open Data Intelligence check on a senior insolvency professional with over four decades of experience in loan syndication, restructuring, liquidation, and debt management.
Fios Compliance was engaged by a listed private bank in India to conduct an Open Data Intelligence review on a prominent real estate developer. Utilizing proprietary automation, Fios analyzed professional history, adverse media, sanction/watchlists, PEP status, and potential AML or compliance issues.
In a business transaction, knowing one’s client, customer or consumer has always been crucial. Establishing mutual trust and understanding has long been a prerequisite for successful and long-lasting business partnerships. However, the growing incidence of financial crime, especially fraud and money laundering, prompted the established practice of KYC as it exists today.
We have made a significant leap from the analog era to the digital age. Not too long ago, the concept of exchanging messages instantaneously across continents was unimaginable. Today, we can effortlessly consume vast amounts of data from across the globe.
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