Tag: KYC

The United Kingdom has emerged as the global hotspot for shell company risks, according to the latest interactive research unveiled by Moody’s Analytics.

Fenergo's recent webinar, 'KYC, AML, & Onboarding in 2023 – Were Lessons Learned or Do Old Habits Die Hard?', brought together compliance experts to delve into findings from research on over 1100 executives from global banks. This study, encapsulated in the report 'KYC in 2023', reveals a significant 17% rise in the average cost of KYC (Know Your Customer) reviews, accompanied by an 11-day increase in their duration over the past year.

The journey of digital transformation has been a critical focus for financial institutions (FIs). While considerable progress has been made in digitising compliance and operational processes, a significant challenge remains: addressing Financial Crime comprehensively.

A recent roundtable discussion hosted by Encompass Corporation has offered valuable perspectives on the evolving KYC landscape.

OneID, the UK's leading digital identity service, has reached a new milestone in the field of Identity Verification for Know Your Customer (KYC) and Anti-Money Laundering (AML).

With the industry's focus on rapid growth and market domination, the critical role of risk assessment in preventing money laundering, terrorist financing, and other illegal activities is frequently sidelined. This negligence can lead to severe consequences, including regulatory fines and reputational damage, ultimately impeding a company's ability to compete.

Whilst the prominence of AI has been rising steadily and strong over the last few years, it hasn't been until 2023 that its position in operational practices has skyrocketed.

Know Your Customer practices in the financial sector have been long-held, with the need to ensure customer compliance a vital pillar of customer processes. In the fast-paced digital age, what with be the role for digital and perpetual KYC?

In a recent post by Aiviq, the firm highlighted how getting KYC and KYP right can transform the investor experience.

Fraud in the UK has become a significant concern, with 40% of crimes being fraudulent. Money muling is at the forefront, where fraudsters utilise synthetic or real mule accounts for financial gain. The UK government, recognizing the seriousness, plans to publish an action plan to combat this issue.