Remote verification is key to seamless onboarding and AML compliance. Firms must balance security, compliance, and user experience with tech, fraud detection, and ongoing monitoring to meet regulatory standards and prevent financial crime. … Read More
KYC
The importance of KYC compliance in today’s regulatory environment
Know Your Customer (KYC) compliance is not just a legal necessity but a strategic imperative. With stringent regulations from global bodies like the Financial Action Task Force (FATF), businesses must implement robust KYC practices to avoid severe penalties, legal repercussions, and reputational damage. … Read More
Enhancing KYC compliance through technology: streamlining processes for financial institutions
In the financial sector, regulatory compliance, particularly Know Your Customer (KYC) protocols, is crucial for preventing illicit activities such as money laundering and terrorism financing. However, traditional KYC processes have been cumbersome and prone to error. With advancements in technology, financial institutions are now able to streamline and enhance their KYC compliance procedures, making them more efficient, accurate, and cost-effective. … Read More
The three biggest challenges facing AML compliance teams in 2024
Our research reveals that AML compliance professionals face major challenges in resource capacity, regulatory changes, onboarding inefficiencies, and adapting to financial crime trends, requiring agility and investment in talent. … Read More
Infographic: Compliance trends in 2024
As the ever-present threat of money laundering, fraud, and financial crime continues to cast a dark shadow over entire financial systems, compliance and AML professionals continue to play a pivotal role in the war against financial crime. Did you know … Read More
What can AML professionals learn from Inventing Anna?
Inventing Anna, the 2022 Netflix series, takes viewers on a rollercoaster ride through the world of financial fraud and deception. While the show is undoubtedly entertaining, it also serves as a rich source of insights for Anti-Money Laundering (AML) compliance professionals. … Read More
The importance of knowing your customer
KYC ensures identity verification, prevents fraud, and supports AML compliance. It mitigates risks, enhances security, builds trust, and allows businesses to offer personalised services while meeting regulatory requirements. … Read More
How often should you conduct a KYC data review?
The frequency of conducting a Know Your Customer (KYC) data review depends on various factors, including regulatory requirements, the nature of the business relationship, and the risk associated with the customer. KYC is a critical component of anti-money laundering (AML) … Read More
8 barriers and benefits for proactive KYB and KYC
KYC (Know Your Customer) and KYB (Know Your Business) are not one-hit processes for simply onboarding your customers at the outset of your relationship. In this eBook, we look at barriers and benefits of a proactive approach to continuous KYC/KYB. … Read More
What is a KYC check?
KYC stands for “Know Your Customer,” and refers to the process that businesses and financial institutions use to verify the identity of their customers or clients. The primary goal of a KYC check is to prevent identity theft, fraud, money … Read More