The trinity of requirements that sit at the center of financial institutions’ customer due diligence efforts—anti-money laundering, know your customer, and sanctions compliance—are growing more complex in an interconnected world plagued by financial crime, terrorism, and tax evasion.
While regulators want greater efforts to ensure the transparency of customer data, banks themselves are struggling with the cost and complexity of these screening demands. We took a look at some trends, current and predicted, that could significantly affect how AML and KYC compliance efforts evolve.
