As consumers demand faster and more efficient services, banks and financial institutions are working hard to meet these demands but are coming under constant battle to ensure they are doing this in a compliant and transparent way. A study on the cost of compliance by Thomas Reuters in 2017 foun...
KYC compliance also prevents the incurring of hefty penalties. Santander, NatWest and HSBC have all been dealt hefty fines for lapses in KYC compliance. Fines are not the only financial incentive companies have to be KYC compliant. It also drastically reduces their risk of being defrauded or oth...
such as addresses, contact numbers, or document numbers, can change. More importantly, risk profiles can change drastically over time. Institutions must also remain compliant when KYC regulations evolve to adapt to new forms of commerce.