September 18, 2018
Between 2009 and the end of 2017, regulators in the US and Europe have imposed $342 billion of fines on banks for misconduct, including violation of AML rules. Estimates suggest that is likely to top $400 billion by 2020. Responsible for monitoring money laundering or theft, and detection of any potential financing of terrorism (CFT), FIs must perform KYC procedures for every customer to verify their identity. This complex task today requires RegTech tools to understand data patterns, and to assess, flag & notify every suspicious transaction. Large FIs spend $150+ million on KYC with an average of 32 days to onboard business clients.