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The May/June edition of the AML/KYC Tracker® , done in collaboration with Trulioo , contains a wealth of information about the digitization of business – and, in particular, open banking. With thoroughly modern online living come new delights – and new threats. percent ‘less likely to be compromised.’
dollar as their currency of choice on the black market, which means American banks must alter their anti-fraud and AML strategies — especially as regulatory fragmentation divides the U.S. FIs need AML strategies that can respond to these larger trends while maintaining quick service for businesses and consumers.
As Prideaux noted, this isn’t a cut-and-dry question, because authentication and verification is a complex world. At the absolute top tier, there are government-mandated AML/KYC processes to answer the question “who are you,” and credit checks to determine one’s worthiness for underwriting.
To combat this, firms can implement automated validation systems to check the accuracy, authenticity, and compliance of payment transactions in real time. Additionally, they should enhance their AML compliance systems to conduct rapid checks. Managing customer disputes Customer disputes are always a headache when facilitating payments.
I went to Equifax’s website this morning, and on their home page was a headline for their KYC (Know Your Customer) and AML (Anti-Money Laundering) services that said this: What’s Keeping Your Compliance Team Up At Night? I think we all know the answer to that question now.
As Ufford noted, larger firms have a digital trail formed by any number of large incumbents in the data aggregation space (and within payments), tracking and building information databases that delve into beneficial ownership and other factors crucial for KYC and AML compliance.
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