Description: Your KYC compliance program needs to keep you on the right side of the regulators without increasing customer onboarding times and driving up costs.
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Overview Overview Key takeaways Latest thinking Product focus Find out more Our take on KYC in 60 seconds Determining who you can and should do business with has significant cost, time, and resource implications for financial institutions. According to our recent KYC compliance survey , average annual spend on global KYC is reported as US$48 million and onboarding times remain lengthy, with banks reporting average times of 30 days.
Relying on a patchwork of resources may leave potential gaps in coverage where bad players can hide while putting your revenue and reputation at risk from regulators.