Know Your Customer: Will Technology Provide The Ultimate Solution?

Posted Leave a commentPosted in Blockchain, Compliance, Cyprus Fiduciary Association, Cyrpus Bisiness, KYC/AML, Professional Services

A business challenge of escalating complexity and business risk In the past, before the globalization of banking, the 9/11 terrorist attacks, and the financial crisis of 2008 increased the pressure to clamp down on money laundering activities, KYC procedures and regulations were more relaxed and less complex. Nowadays, professional and financial services companies face a dual challenge of enhancing customer experience and increasing their satisfaction, while at the same time they are required to fulfil a complex set of constantly changing legal, KYC and due diligence requirements. According to a survey[1] conducted by Thomson Reuters in 2016, a very high percentage (89%) of corporate customers has claimed that they did not […]