In the global fight against money laundering, understanding the identity of customers has been an essential know your customer (KYC) compliance requirement for financial institutions for decades. Yet the continuous evolution of regulation has added cost and complexity to the process of acquiring and retaining clients.
Financial institutions deploy large workforces to perform KYC and anti-money laundering (AML) tasks with lots of time spent working across legacy IT systems and carrying out basic data capture and analysis. Many firms understandably see this labor-intenive process getting in the way of their fundamental business operations.
This global research report by Fenergo of 1,055 Chief Operations Officers, Chief Compliance Officers and Chief Risk Officers at global corporate banks in the US, UK, Australia, Singapore, Japan, Hong Kong and Mexico investigates the direct and opportunity costs of allocating huge resources to KYC functions.
The report reveals: