Tag: Onboarding

Know Your Business (KYB) and Anti-Money Laundering (AML) are critical parts of the compliance ecosystem, but how aligned are they? FullCircl, a SaaS platform...

According to recent reports from The Times, the United Kingdom is poised to pioneer the development of a revolutionary concept: the implementation of AI-powered 'Smart eGates' at its airports, marking a significant stride towards establishing an "Intelligent Border," and ushering out the era of traditional physical passports.

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.

In 2022, Fenergo's annual research survey of global investment banks highlighted a labor-intensive environment in Know Your Customer (KYC) processes. These processes were costing banks as much as $35m annually.

Post-deadline, the financial industry is grappling with the new standards set by the UK's latest regulatory mandate. The objective of this update is to bring more transparency and accountability to wealth management and insurance enterprises, fostering a more profound commitment to the consumer.

In an age where customers are using digital financial services in bigger numbers than ever, the need to have a vast range of technologies for this is becoming ever more important.

KYC Portal CLM has developed an approach that centres on the single customer view, streamlining the process of handling data.

As businesses deepen their digital capabilities, an orchestration tool becomes vital. When leveraging various tools, systems and datasets, firms need a single location that brings all this together, rather than forcing users to juggle everything.

In a recent whitepaper by RegTech firm iMeta, the company outlined the chief routes to success in capital markets onboarding. 

Zenoo has launched a specialist platform for white label customers which already include TransUnion, Experian, Refinitiv and others.