Tag: KYC
Global financial threads: The risks and rewards of correspondent banking
Correspondent banking plays a pivotal role in shaping the global financial landscape. Serving as the backbone of international trade, especially for budding and developing...
AML vs KYC: Ensuring robust financial compliance in 2023
In today's evolving global financial landscape, the security and integrity of financial transactions are of utmost importance. At the heart of this security lie...
Unravelling the hidden costs of inefficient KYC in financial institutions
In a recent post by Encompass, it provided an outline of why the cost of inefficient KYC practices can be higher than expected.
Navigating AML compliance in 2023: A detailed guide for MSBs
MSB have emerged as a crucial part of the financial ecosystem, bridging a gap that once only traditional banks would fill.
Navigating the complexities of AI adoption in the AML space
In a recent post by Moody's Analytics, the firm asked three key questions about driving efficiency with AI-powered screening.
Deciphering the fusion of AI and human expertise in Risk Management...
The ongoing AI revolution is indisputably transforming risk management and customer identification processes (KYC), even though human input remains pivotal to these functions.
Bolstering financial integrity through PEP screening in KYC processes
Moody's Analytics recently took the opportunity to explain how screening for politically exposed persons can strengthen KYC processes.
ML and TF: The guide to safeguard your firm against financial...
RegTech firm Arctic Intelligence recently took the opportunity to provide a guide into assessing the impact of ML and TF on your firm.
Mitigating financial crime: A closer look at adverse media screening
Adverse media screening has become an integral component in the finance industry, especially in relation to Anti-Money Laundering (AML) compliance. RegTech company Alessa recently...
Transforming FinTech: The 7-fold Benefit of Automating KYC Processes
In an era of growing operational costs, it has become a pressing necessity for banks to embrace efficient Know Your Customer (KYC) practices. The global spend on regulatory technology (RegTech) is predicted to ascend to $207bn by 2028, a forecast that urges banks to channel their investment into automating their manual KYC processes.