According to Thomson Reuters research, 92% of firms estimated that current Know Your Customer (KYC) onboarding processes cost roughly $28.5m. On the flip side, the UN estimated that the cost of global money laundering annually is between $800 billion – … Read More
Author Archives: Chris Bourne
How to replace manual client onboarding with automated KYC/KYB
There has been rapid digital growth over the last two years, accelerated by the global pandemic. Consumers’ expectations are now higher than ever, and their patience is reducing – they expect to sign up or be onboarded instantaneously. They also … Read More
How has RegTech Changed the Compliance Landscape?
This is a classic ‘Chicken and Egg’ question. Of course, the advent of the new wave of RegTech software solutions is having a major effect on the compliance industry. But, on the other hand, without the huge and continuing increase … Read More
What is digital transformation and how can it impact compliance?
Digital transformation is the process of using technology to establish new — or improve existing — processes, culture, and customer experiences to meet ever-changing business and market demands. According to McKinsey & Company, a ‘well-executed, end-to-end risk-function digital transformation can … Read More
The Metaverse and Money Laundering
In an effort to keep ahead of the game we’re constantly looking for the next big breakthrough, and we’re being told that ‘The metaverse’ is it. But is it really, and what effect will it have on AML professionals and … Read More
Combatting the Rise of Financial Crime in a Post-Pandemic World
Levels of financial crime have been building for many years. The scale of that increase is open to conjecture, because there are as many answers as there are sources of statistics, but no-one disagrees that the overall levels continue to … Read More
The Importance of KYC for Property Firms
The property market can be a dangerous place. In a world where financial crime is both proliferating and becoming ever more sophisticated, the property sector is one of the most vulnerable to fraudulent activity. Whether you are a company dealing … Read More
What Due Diligence Checks are Mandatory in the UK?
If a business is covered by Money Laundering Regulations, it has a responsibility to meet certain day-to-day criteria. These include Customer Due Diligence (CDD) measures to ensure that customers are who they say they are. The business must evidence that … Read More
Why Should you Automate Identity and Verification for Customer Onboarding?
ID verification is a non-negotiable element when onboarding new customers. It’s an essential part of the Know Your Business (KYB), Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. When done well, it supports the business in creating long-term customer … Read More