FinTech and Causing Customers to Comply with Anti-Money Laundering Law

Abstract

“Fintech” or Financial Technology emerging at the present is being rapidly developed and affecting conduct of transactions, especially those in the investment sector, and also affecting enforcement of the anti-money laundering law with respect to the duty to know the customers of reporting entities under the law, who need to adapt themselves to keep up with innovations of financial products and concurrently comply with the law and guidelines of the AMLO, whereas some issues are not in the same directions, having impact on conduct of business and transactions of the private sector and people in general. Therefore, this Article focuses on studying the law and approaches to application of financial technological innovations to business operation of the reporting entities, and proposing approaches to introduction of Electronic Know Your Customer (E-KYC) under the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).