Finance
How to optimise your KYC processes
FINANCE
A
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lthough methods of tackling financial crime are continually being improved, the ever-changing nature of the technology industry means criminals are seemingly gaining the edge. Fraud reporting has increased year on year. Businesses being fined for non-compliance with anti-money laundering (AML) regulations have expanded, and more than $937 million in fines were issued in the first half of 2021 alone. Currently, vast amounts
of time, resources and capital are being dedicated every day to combating and limiting the damage of fraud and money laundering. However, it is clear the effort is not having nearly the effect on criminals that the financial industry would desire. Across the world, a war is being fought across multiple fronts, the battle to prevent fraud, money laundering, and the exploitation of financial services. A 2020 study claimed that AML policy
intervention has less than 0.1% impact on criminal finances. To claim victory, financial institutions must be able to optimise their KYC and prohibit bad actors from gaining access to financial products. The growth in the digital economy and the increase in crime The nature of criminality is to continuously innovate new ways to exploit and take advantage of law-abiding
