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Centralizing Compliance Processes with AML and KYC in FinTech
2024-05-10 • 5 min read
Sahar Butt
Contents
Table of Contents
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The history, importance, and technologies driving AML and KYC in FinTech
Diving into AML and KYC’s history
Notable KYC and AML regulations in the European Union and the United States
Technologies powering AML and KYC & the benefits they offer
AML and KYC in practice – Use cases, challenges, and addition of RegTech in the mix
Practical examples of KYC and AML in FinTech
HSBC
Danske Bank
Standard Chartered
JPMorgan Chase
Deutsche Bank
Challenges associated with ensuring compliance in FinTech & the solutions offered by RegTech
Integration with AML National Priorities
Ultimate Beneficial Ownership (UBO) requirements
High onboarding costs and low conversion rates
Lengthy onboarding processes
Poor record keeping
Considerations for BFSIs aiming for compliance in FinTech
AML and KYC in fintech use data analytics, biometrics, AI, and ML to ensure compliance and improve customer experience.
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