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Kyrylo Reitor

Chief Marketing Officer

International Fintech Business

Member since

06 Jun 2024

Location

London

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Kyrylo's opinions

KYC and AML procedures - how to ensure compliance with international standards

Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures are essential components of a robust compliance framework for financial institutions worldwide. These procedures help to prevent financial crimes, protect the integrity of financial systems, and mitigate risks associated with illicit activities. By adhering to international standa...

24 October 2024 /payments /inclusion Banking

10 mistakes when registering international companies and how to avoid them

Expanding a business internationally can be a lucrative venture, but it's essential to navigate the process carefully to avoid common pitfalls. Here are ten mistakes companies often make when registering internationally and how to prevent them: Inadequate Market Research: Failing to conduct thorough market research can lead to costly mistakes. Unde...

16 October 2024 /people /wholesale Business

E-money regulation in the EU

In the European Union, the regulation of electronic money (e-money) is a critical topic that bridges the gap between technological innovation and financial security. The legal framework primarily governing e-money in the EU is the Second Electronic Money Directive (EMD2), which was adopted in 2009 and implemented by Member States in 2011. This dir...

09 October 2024 /security /regulation Banking Regulations

Checking the reliability of correspondent bank accounts - 5 steps

Correspondent banking relationships are vital for facilitating international transactions. However, the reliability of these correspondent bank accounts is crucial for mitigating risks, including fraud and financial instability. Here are five essential steps to ensure the reliability of correspondent bank accounts. Step 1: Verify Regulatory Compli...

02 October 2024 /security /regulation Financial Services Regulation

What is an EMI in fintech?

In the landscape of fintech, electronic money institutions (EMIs) are authorized to issue electronic money (e-money), which is a digital alternative to cash, stored on electronic devices or remotely at a server. As fintech continues to disrupt traditional banking, EMIs are at the forefront, facilitating seamless, innovative financial services. An ...

25 September 2024 /payments /wholesale E-commerce

How to Get an Electronic Money Institution License in the EU?

Securing an Electronic Money Institution (EMI) license in the European Union is a pivotal move for businesses wanting to offer electronic payment services. This license not only boosts a company's credibility but also allows it to operate across all EU member states. Here’s a streamlined overview of the licensing journey. 1. Grasp the Regulatory ...

18 September 2024 /payments /regulation Electronic Bank Account Management

Inside the Banking System: How Correspondent Accounts Work

A correspondent bank account is a vital system of relationships between financial institutions that facilitates international payments. Here’s a breakdown of the types and benefits of these accounts: Types of Correspondent Accounts 1. Nostro Account: An account a bank holds with a foreign bank. For instance, a Ukrainian bank may have a Nostro accou...

11 September 2024 /regulation /wholesale Banking

Overview of the Markets in Crypto-Assets Regulation

The Markets in Crypto-Assets (MICA) Regulation, set to take effect in 2024, aims to provide comprehensive oversight of the crypto-asset market across Europe. The principal provisions include: Issuance of Crypto-Assets: A licensing framework for issuers will be established to ensure compliance with specific standards and disclosure requirements, the...

04 September 2024 /security /crypto Cryptocurrency Insights

Registering an international bank in Dominica: pros and cons

Dominica has emerged as a compelling jurisdiction for international banks seeking a stable, business-friendly environment. The island nation's strategic geographic location, coupled with its robust legal and regulatory framework, has positioned it as an attractive offshore financial center. Key Advantages of Banking in Dominica Favorable Regulator...

27 August 2024 /payments /wholesale Banking

MasterCard: Your Partner in Growth

Mastercard is more than a payment processor; it's a strategic ally for businesses aiming to expand their reach, enhance customer satisfaction, and optimize operations. Key Benefits of Mastercard Integration: Global Market Access: Tap into a vast customer base across the world, increasing your revenue potential. Unparalleled Security: Safeguard yo...

23 August 2024 /payments /wholesale Banking