And better, smoother, faster KYC processes means that you’re customers are less likely to drop off during the onboarding process. So, getting better KYC processes will keep the good guys happy: banks and regulators. That’s when you’ve got the banks’ attention. Like the 5% fine of your total revenue if the FCA decides that you got it wrong when interpreting their compliance rules and you’re in gross breach of the KYC regulations. We all know that banks will accept a certain amount of fraud every year because that’s just the cost of doing business.īut sometimes that cost is a hard pill to swallow. And, as with any business, they will weigh up the pros and cons and if the cons are not having a major impact on their KPIs, then they’re not motivated to do something about them. They are constantly chasing each other.īut it’s not just the fraudsters that the banks have to contend with, because they also have to reduce their risk of being exposed to fines from the regulators and respond to the pressure from their own sales team to make processes smoother, so it’s not a hindrance to their business.īecause that’s what banks are. Years later, Photoshop came along and the fraudsters soon got good at faking those documents, which encouraged further innovation to combat fraud leading to the use of watermarks, barcodes, QR codes, holograms and, more recently, the electronic-coded chip.Īs soon as the banks come up with a new way to reduce the risk in financial services, the fraudsters are not far behind in outsmarting them. Where once a man would be taken at his word, that man was soon asked to present documents to prove he really was who he said he was. Constantly seeing whether it’ll be the banks or the fraudsters that’ll win the next ever-evolving battle. KYC is a war that seems, to many of us, to have gone on since the dawn of time. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. This will not incur any additional charges to you. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites.
#BRIQS LEE TRAVERS PROFESSIONAL#
Please seek Professional advice from a qualified professional before making any financial decisions. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. This is not to be considered as financial advice and should be considered only for information purposes. These commissioned articles are commercial in nature. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide.
0 kommentar(er)
