How can banks achieve perpetual KYC?
How close is the financial world to achieving perpetual KYC? Recent industry research has emphasised the drastic importance of improving KYC and compliance processes as financial institutions drive towards reducing the cost of a lot of the laborious, repeated,
Interview with Greg Watson: KYC challenges for corporate banks
Corporate banks face a number of hurdles in conducting KYC. Complex processes that involve many parties, causing inefficiencies in operations, are often handled manually and only add to significant costs. When both the onboarding process and periodic review cycles
FinCEN leak fallout shows size of KYC challenge for banks
Radical reforms of know your customer laws are looming after the FinCEN leaks exposed painful flaws in banks’ anti-money laundering (AML) systems. Shockwaves are still reverberating around the sector after leaks of Financial Crimes Enforcement Network (FinCEN) files showed top
Know Your Donors: the improving KYC picture for charities and banks
Having to perform due diligence on customers is a priority for all businesses to make sure that risks are averted. When your organization not only operates in multiple jurisdictions, but has to justify their business decisions to multiple stakeholders
Avoiding the next Wirecard scandal
Hindsight packs a powerful punch. Looking back at the Wirecard scandal, it seems remarkable that regulators, investors, suppliers and other stakeholders did not see the downfall of the German payment processing company coming. The Financial Times began investigating the
Onboarding commercial banking customers: automate to accelerate
It’s a well known fact that, in banking, opening a new commercial account is not a fast or simple task. In fact, it’s a notoriously difficult and sometimes painful process which is dotted with friction points for the customer
The onboarding conundrum – a poor experience for business customers and banks
The onboarding process for opening corporate accounts at banks is littered with friction points. But it’s not just the customers who are suffering, it’s also the banks themselves. It is evident just how difficult the onboarding process is for banks:
What does the FinCEN files leak mean for KYC and AML?
Experts have branded failures in the US real estate anti-money laundering (AML) regime ‘madness’. They predict legislation is inevitable, and that rules and regulations will extend to cover real estate professionals. The banking industry has been reeling since, on September
Wirecard, increasing risk, and banks’ need for KYCC
Banks use KYC to obtain data on their clients for onboarding and periodic review processes - a set of protocols to assist with gaining a better understanding of the exposure to risk within a book of customers. Conducting KYC
How to achieve a single source of truth for AML & KYC data [podcast]
David Buxton, CEO and Founder of Arachnys joins the Captivated Audience Podcast to discuss the single source of truth approach for data aggregation, the spectrum of data sources relevant for financial crime prevention, desktop bots and the essential role
The long road to achieving true perpetual KYC
In recent years there has been a lot of talk about perpetual (or continuous) KYC. It is a term used to indicate the industry objective of moving away from conducting painful and ineffective periodic review processes. Very few banks,
What does the future hold for AML and KYC data?
“There are some decades where nothing happens, and some weeks where decades happen” – Vladimir Il’yich Ulyanov (Lenin) Coronavirus has changed the world. But the changes it will accelerate have been brewing for years. Those of us who are working remotely