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Since the financial crash in 2007, an estimated $52 billion in enforcement actions has been levied on financial institutions and individuals for non-compliance with Anti-Money Laundering (AML), data privacy, and (Markets in Financial Instruments Directive) MiFID compliance violations. This is a mere drop in the ocean compared to the estimated $2.4 trillion in illicit cash that flows through the financial system each year. The root cause of this points towards slack in doing practical KYC refresh of corporations committing financial crimes in the guise of business. This whitepaper presents a revised approach to modernizing and digitizing the traditional KYC refresh approach. We also focus on using Big Data to build customer 360, which is the cornerstone to the refreshing customer profile. Download your free copy now! |
