Know your customer (KYC) and customer due diligence (CDD) requirements are the most expensive elements of an AML compliance program. From customer onboarding to ongoing due diligence reviews and remediation, today’s KYC processes are slow, repetitive, highly manual, and complex in ultimate beneficial ownership identification. Growing pressure from regulators, rising expectations of consumers, and adoption of more databased and sophisticated techniques by criminals are forcing financial institutions to rethink traditional approaches.
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