The KYC Headache Worsens: An Examination of the Onboarding Process
Despite technological advancements, the onboarding process is still a slog. Banks and vendors are trying to change that.
KYC/AML requirements are only becoming more complex for a variety of reasons, not least of which is that there’s no standardization across jurisdictions, or even among regulators in the same market. But slowdowns in the onboarding process mean loss of money and increased reputational risk—and potentially hefty fines if it’s done poorly. Technology can help, but there is still a long way to go. By Rebecca Natale, with additional reporting by Anthony Malakian
Like a dinner party when the clock
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