Know Your KYC

In 2018 regulators issued $3.8bn in KYC fines. What would it be like to be on the wrong side of the regulators?

The global economy will take many years to recover from Covid19, with many companies facing tough times. As a result, banks will need to be even more vigilant in monitoring the financial health of their clients.

And while Banks have the tools to do this, even in the most sophisticated banks, "mistakes" in the KYC/AML process still happen.

In 2019, non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC) and different associated regulations resulted in global penalties in excess of $30 billion. An eye-watering number! 

A study by Accuity & Chartis revealed that over 60% of financial institutions are creating inefficiencies in their KYC/AML processes (

These inefficiencies have pushed organisations to focus more on fine-tuning their processes to ensure better compliance while diminishing exposure to risk and regulatory fines.