Report: Digital KYB – a springboard to customer onboarding success
Anti-money laundering (AML) and know your customer (KYC) challenges for financial institutions continue to evolve at pace.
Banks and financial institutions are working hard to take control of their KYC processes and frameworks. This is especially true as touchpoints with their clients grew exponentially in a digital world.
Stringent controls from regulators arise with the increasing amount of data which flows into the banking industry.
The EU’s fourth and fifth AML directives (4AMLD and 5AMLD), as well as the US Customer Due Diligence (CDD) law are placing a spotlight on ensuring proper checks and due diligence are carried out by financial institutions (FIs).
New requirements require pinpoint accuracy on the ultimate beneficial ownership (UBO). While KYC focuses on individual clients, know your business (KYB) covers due diligence of entire business entities.
Understanding the true nature of a company means having access to up-to-date, relevant and accurate information. High customer expectations can only be met with fast and reliable insights.
KYB processes can dramatically improve the efficacy of these checks through the addition of automated verification and analysis of information.
The demand for effective KYB and identity verification is growing. An ability to process clients quickly and thoroughly is crucial in an industry where speed and ease-of-use is becoming a critical factor.
In this deep-dive industry report, in partnership with DueDil, Fintech Futures brings in expert opinions from across the market to show why KYB can be a foundation for firms to build their future innovation.
Featuring expert insight from market participants:
- Alex Daly, chief finance and risk officer, Ask Inclusive Finance
- Philip Reynolds, managing director, Newable
- Matt Buchanan, head of compliance and MLRO, Checkout.com
- Justin Fitzpatrick, CEO, DueDil