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Dear valued community! We have recently become aware of a group of fraudsters who are misusing the name of our esteemed company, COREDO, to deceive unsuspecting individuals. Their modus operandi involves cold-calling individuals, offering unknown fraudulent services, and attempting to extract money from them. We would like to emphasize that COREDO does not engage in […]

The cryptocurrency industry is steadily growing and developing in the Czech Republic, with an increasing number of companies providing virtual asset-related services entering the market annually. However, as the industry expands, the legal regulation of such companies becomes more complex and challenging, and cryptocurrency companies are face new tasks and challenges, particularly legal. Compliance with […]

In this article, we intend to make a compelling case regarding the current macroeconomic environment and its potential benefits for the banking sector. We strongly believe this is a golden opportunity for banking entrepreneurs to pursue their aspirations and apply for a banking license. The numbers show that the present economic climate is more conducive […]

As environmental, social, and governance (ESG) concerns take centre stage in the investment world, some investors consider Bitcoin (BTC) a potential ESG investment. While the cryptocurrency has been known for its high volatility, it has also gained a reputation for being a relatively low-carbon footprint investment. This has led some to speculate that Bitcoin may […]

In this article, we talk about money laundering – its three stages and what each means. We try to comprehend the detrimental effects it poses to businesses and the economy at large and grasp the methodologies that corporations can implement to safeguard themselves against such illicit activities. The act of money laundering (ML) inflicts significant […]

Blockchain has completely transformed how we interact online. In this article, we discussed the most secure types of blockchain and the most common challenges against it. Recap on blockchain definition Blockchain is a digital, decentralised database that enables the secure storage and transmission of data, including records of completed transactions. Due to its unique features, […]

If you are encountering difficulties in mitigating false transaction claims, there are various approaches that you can employ to prevent such fraudulent activities and safeguard your enterprise. In the following passages, we will outline some of these methods, which can be instrumental in curtailing such occurrences and protecting the financial integrity of your business. Chargebacks […]

The conference Ecom21 was held in Riga, Latvia from 12 to 14 April 2023. This is the largest international e-commerce event in the Baltic States. Since 2012 financial industry professionals have been regularly gathering here to get acquainted with new global trends and developments, share experiences, and discuss problems. COREDO representatives could not miss the […]

Indubitably, it is permissible to engage in cryptocurrency transactions within the borders of the Netherlands, and the threshold for entry into the market as a virtual asset service provider (VASP) is notably low. Nonetheless, it is imperative to remember that this jurisdiction is governed by particular legislative peculiarities that warrant careful consideration. In the year […]

Explore the world of Money Service Businesses (MSBs), also known as Money or Value Transfer Services (MVTS), and how these companies can mitigate the risks of money laundering, fraud, and substantial penalties from regulatory agencies. Money Service Businesses (MSBs) offer a speedy and anonymous way to transfer and exchange small amounts of cash. Despite their […]

The emirate has recently unveiled an ambitious framework that aims to address a wide range of assets and activities, all geared toward attracting companies that are searching for regulatory clarity. This comprehensive plan signals a strong commitment from the emirate’s leadership to create a favourable business environment that caters to the needs of global corporations. […]

What is Risk Management? The risk management process involves identifying, evaluating, and controlling risks to a company’s resources and profits. These dangers can be caused by many things, such as monetary risk, legal obligations, technological problems, strategic management blunders, accidents, and natural calamities. A practical risk management approach aids a business in taking into account […]

Cryptocurrency Taxes Most cryptocurrencies are convertible digital currencies, as defined by the Internal Revenue Service (IRS). They can therefore be used in place of real money and serve as a trading instrument, a reserve of worth, an account denomination, and a valuation unit. Additionally, it implies that any earnings or revenue derived from your cryptocurrencies […]

Maintaining the cutting edge of technology requires knowledge and abilities beyond the technology teams. It helps to have participants from different business lines participate in the development process, as well as those who left banks for fintech and wish to return. A good question to ask yourself: is your transformation journey hindered by an approach […]

On November 11, 2022, FTX, formerly a $32 billion cryptocurrency exchange, filed for bankruptcy. Meanwhile, Sam Bankman-Fried, the company’s former CEO and founder were detained on December 12 in the Bahamas and extradited to the United States. There, he was charged with eight crimes, including wire fraud and conspiracy to defraud investors, for which he […]

What is FCA? The Financial Conduct Authority (FCA), which oversees the financial services sector in the United Kingdom, ensures that the financial markets there operate smoothly. Ensuring honest and fair markets for people, corporations, and the economy as a whole is the organisation’s mission. This is accomplished by the Authority through consumer protection, financial market […]

Financial technology’s success differs significantly, but it has shifted from the periphery of European finance to its centre. The economic gains would be significant if all nations could compete with the best of the best in the area. The mentioned industry has been severely impacted by the deteriorating macroeconomic situation in Europe and throughout the […]

Case Description COREDO employees were contacted by a client who, for the sake of anonymity, will further be referred to as “Client A”. This client is an electronic money institution authorized to provide payment services, which at the time of applying to COREDO, had not yet started its activities and was interested in developing a […]

An employment agreement is a legally binding document that outlines the terms and conditions of an employment relationship between an employer and an employee. It is a crucial document that sets out both parties’ expectations and responsibilities and helps minimise misunderstandings and potential disputes. In this article, we will provide a step-by-step guide on how […]

There is a high risk of cryptocurrency money laundering because it is no secret that criminals are constantly searching for new ways to tidy up shady cash. As a way of value transfer, it conspicuously rose to be exploited for wrongdoings. Nonetheless, those were the time of care-free trading when there were absolutely zero rules […]

Anti-money laundering (AML) services involve the use of processes and systems to detect and prevent the illicit use of the financial system for the purpose of money laundering or financing terrorism. These services are critical for financial institutions, as well as other organizations that may be at risk for money laundering activities. One benefit of […]

An enterprise service agreement (ESA) is a legally binding document that outlines the terms and conditions of a service provided by a company to another business or organisation. It is a crucial document that sets out both parties’ expectations and responsibilities, and helps minimize misunderstandings and potential disputes. In this article, we will provide a […]

A Memorandum of Understanding (“MOU”), is used when the parties want to record their intention to cooperate and set out general rules of interaction, but are not yet ready to enter into a fully legally binding contract. In business, the public sector and non-profit projects, an MOU serves as a kind of “roadmap” for the […]

Legal outsourcing, also known as legal process outsourcing (LPO), is the practice of hiring an external service provider to handle certain legal tasks and processes. This can include research, document review, drafting contracts and legal documents, and even litigation support. For clients, the benefits of legal outsourcing can be significant. One major benefit is cost […]

A Non-Disclosure Agreement (NDA) or Confidentiality Agreement is a legally binding document that aims to protect sensitive and confidential information from being disclosed to third parties. NDAs are commonly used in business relationships, employment situations, and developing and protecting new products or ideas. Creating a good NDA is essential to ensure that all parties involved […]

Starting a new business can be an exciting and rewarding experience, but it is also a complex process that requires careful planning and preparation. One of the first steps in starting a business is registering the company with the appropriate authorities. Here is a step-by-step guide on how to register a company, along with some […]

A sales and purchase agreement (SPA) is a legally binding document that outlines the terms and conditions of a sale and purchase transaction. It is an essential tool for protecting the interests of both the buyer and the seller and ensuring that both parties understand their rights and obligations. Here are some key points to […]

ISO certification is a process by which a company or organization demonstrates that it meets international standards for quality, environmental performance, health and safety, and other areas. There are many benefits to obtaining ISO certification, both for the organization itself and for its customers, stakeholders, and the wider community. One major benefit of ISO certification […]

Recent developments in business intelligence and financial technology have significantly altered and enhanced the delivery, accessibility, and range of financial services. Most of these advancements are the result of financial technology companies, or Fintechs, who have pushed traditional businesses to improve how they interact with their clients and communities. However, a lack of regulatory clarity […]

Cyber risk is among the most prominent concerns facing the financial services industry today. Following high-profile events like the Equifax leak and the WannaCry ransomware outbreak, G20 finance ministers and central bank governors recognised in March 2017 that cyber risk could potentially disrupt the financial system on a global scale. As a response, authorities focused […]

Is the inadequacy or unavailability of any plausible progress in achieving a fundamental agreement with the European Union before the conclusion of the transitional phase on December 31st, 2020, the primary challenge in the United Kingdom’s financial industry? Without a second thought, ever since Brexit, the pandemic caused by CoronaVirus has hindered the development and […]

Since its introduction in late parts of 1990, the utilization of electronic money, or e-money was seen to increase with an exponential growth. This is evident on Figure 1 below: One particular scenario was in the United Kingdom, having four percent (4%) of the country’s adult customers to use e-money as a payment method. Statistically, […]

A high-risk country: what is it? A high-risk country is a jurisdiction that poses a significant threat to the global financial system due to the fact that it does not sufficiently implement, or does not implement measures to counter money laundering and terrorism financing. The information in this article applies only to the activities of […]

Act No. 253/2008 Coll., on Certain Measures against the Legalization of the Proceeds from Crime and the Financing of Terrorism, which is also often referred to as the “Anti-Money Laundering Act” or the “AML/CFT Act”, describes who falls into the category of politically exposed persons. However, the definition given in this law can be interpreted […]

Consumers of payment services now have the comfort and a wide range of options thanks to FinTech’s widespread adoption and the expansion of the payments industry. However, progress most often results in the appearance of new hazards that are not properly anticipated at the outset. The insolvency of payment institutions (PIs) and electronic money institutions (EMIs) […]

The Financial Conduct Authority (FCA) has recently decided to establish new consumer duty rules and guidelines in response to multiple cases of customer mistreatment from financial service organisations. These are intended to drive and allow competition based on high standards, with consumers serving as the key component of a conforming financial services The FCA has […]

The abbreviation AML/CFT literally means “Anti-Money Laundering/Combating the Financing of Terrorism”. This term is used in the context of systematic fighting against the legalization of crime proceeds (the so-called “dirty money”), prevention of terrorism financing and the distribution of weapons of mass destruction. Another abbreviation directly related to combating money laundering is KYC (“Know Your […]

Exposing the truth behind fast EMI or PI License Transaction Typically, time constraints drive someone to purchase a micro-payment institution, an authorised financial institution, or an e-money institution. Generally, it is thought that purchasing an authorised institution enables activities to launch more quickly than requesting authorisation from scratch. Potential purchasers frequently believe that buying an […]

Organizations whose work is related to their client’s financial assets are obliged to protect the financial system from money laundering at the local and global levels. These obligations exist under Act No. 253/2008 Coll., on Certain Measures against the Legalization of the Proceeds of Crime and the Financing of Terrorism (also known as the “Anti-Money […]

Financial Conduct Authority (FCA) published an article on their website last July of 2020 revealing that the surveys they conducted suggested that several institutions, which includes the United Kingdom (UK) Electronic Money Institutions, also known as EMIs, were combining clients and the company’s funds in order to keep transactional records inaccurately. It was also found […]

As part of their anti-money laundering obligations, companies are required to appoint a so-called contact person who will ensure the constant connection with the Financial Analytical Office (FAÚ), as well as to authorise a member of the statutory body responsible for compliance with obligations and record-keeping regarding anti-ML/TF measures in writing. This is provided for […]

The form or the specialized KYC (Know Your Customer) questionnaire is an essential element of the transparent activities of any company, which is used as part of the fight against money laundering. Such a customer identification and control system is a practical implementation of the measures and principles established by the AML/CFT Act and prescribed […]

World’s Climate Status According to the August 2022 Global Climate Report of the National Centers for Environmental Information (NCEI) under the National Oceanic and Atmospheric Administration, the surface temperature during the mentioned month was recorded as the sixth (6th) highest for August for the past one hundred and forty years (143 years). The measured temperature […]

What is Metaverse and how does it work? A virtual reality focusing on the combination of social networking website, on line gaming, augmented and virtual realities (AR and VR), and cryptocurrencies – this is what metaverse is, allowing its users to virtually interact with each other. The whole concept of metaverse is quite complicated to […]

The risks of ML/TF (money laundering/terrorist financing) mean the possibility of causing damage to a legal entity and (or) the financial system through illegal money laundering or terrorist financing activities. ML/TF risk assessment is a mandatory component of a system of internal rules that allows a particular company to clearly define all the procedures and […]

For companies subject to Act No. 253/2008 Coll., on selected measures against the legitimisation of the proceeds of crime and financing of terrorism (also known as Anti-Money Laundering Act or AML/CFT Act), it is mandatory to develop and apply in practice a specific system of internal policies, procedures and control measures – hereinafter referred to […]

Compound Labs, decentralised finance (DeFi) developer, officially introduced Compound III. For background, Compound was initially developed so that the developers could unlock an environment of open financial applications through algorithms. It is also noteworthy that Compound is an autonomous interest rate protocol. On the other hand, Compound III is an Ethereum Virtual Machine (EVM). Technically, […]

Over the past years, the fintech and insurance industries have seen drastic changes, mostly beneficial improvements, especially during the Covid-19 pandemic and the still ongoing digital transformation globally. However, small and medium-sized enterprises, also called SMEs, have generally suffered greatly. Many of them resorted to taking loans to thrive because they were unable to meet the expensive demands […]

Digitization has immensely evolved through the years. It has greatly influenced our ways of living and revolutionized how we interact with one another. In our daily lives, digital technologies enabled us to seamlessly communicate and connect even from across the globe. In the financial landscape, business was considerably changed as we know it. Digital transformation and […]

The purpose of any business is to increase profits and minimise risks. In the context of business security, the concept of due diligence is fundamental. Unfortunately, it is still little understood by many entrepreneurs. In this article, we’ll try to understand what it means and what you cannot do without it. What is due diligence: […]