AML KYC Compliance Discussed

Melissa IN Team | AML, KYC | , ,

Today, customer convenience is the differentiating factor that matters most. It’s why banks allow customers to apply for loans online, it’s the reason customers can now open savings accounts without having to visit the bank.

That said, convenience must be balanced with security. Banks are already finding it hard to keep up with Card Not Present (CNP) transactions.

According to a Nilson report, payment card-related fraud could amount to $34.66 billion. Increasing efforts in fraud prevention are key to fighting this. This is where AML and KYC compliance comes in.

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The Importance Of KYC and AML Compliance in the APAC Region

Melissa AU Team | AML, KYC | , , , ,

$609 million -this is how much companies in the Asia-Pacific region were fined for not complying with KYC, AML and sanctions from 2008 to 2018. As regulators in the APAC region increase their focus on fighting financial crime, the importance of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance has risen. India, Hong Kong, Singapore, the Philippines and Australia- everyone is cleaning up their act.… Read More