South African Banks struggling under the rising cost of KYC

Unlock the Future of Banking

When a country faces grey-listing by FATF, increased scrutiny follows due to financial crime system deficiencies. Over half of banks spend R26,500-R53,000 for one client's KYC review, disrupting capital flows.

In this Fenergo-Andile whitepaper, we explore:

• Cost Analysis: Uncover KYC compliance expenses
• Business Impact: Explore grey-listing's repercussions
• Strategic Shifts: Identify cost-reduction strategies
• 360-Degree View: Enhance risk management
• Holistic Approach: Optimize bank operations
• Risk Evolution: Embrace risk-based strategies

Download now and discover actionable insights to future-proof your bank, reduce operational costs, increase competitive advantage and mitigate risk.

More than half of banks in the world spend between R26,500 and R53,000 on a single client’s KYC review.

Internal Monetary Fund (IMF) indicates that grey listings typically result in significant reduction in capital flows.