Tag: Customer Due Diligence

In an era where digital transformation is paramount, asset managers are recognising the indispensable role of automating Anti-Money Laundering (AML) processes.

In the competitive landscape of banking, customer onboarding emerges as a pivotal phase, with customer due diligence standing at its core. When managed poorly, the onboarding process can deter potential clients, causing banks to miss out on new revenue streams. Conversely, hasty or inaccurate due diligence could lead to the acquisition of customers who pose commercial and reputational risks, potentially incurring hefty regulatory fines.

In an industry-wide call to action, several prominent associations have voiced their concerns over the potential consequences of the current draft text of Recital 34 in the Anti-Money Laundering (AML) Regulation.

OneID, the UK's leading digital identity service, has reached a new milestone in the field of Identity Verification for Know Your Customer (KYC) and Anti-Money Laundering (AML).

In a recent post by Alessa, the firm outlined the role of AML audits in enhancing regulatory compliance at companies. 

Electronic IDentification, which offers KYC and AML software, has released a report exploring the role of CDD in banking.

KPMG UK has released a new customer due diligence (CDD) solution that it hopes can reduce the total costs of KYC compliance of up to 40%.

Acuris Risk Intelligence and FinScan have teamed in a global strategic partnership to build an integrated platform for watch list screening and customer due diligence.

RegTech 100 company Trulioo claims it is able to verify five billion people through its flagship electronic identity verification platform.

GIACT Systems has launched a digital platform to address the new FinCEN rule on beneficial ownership.