Increases in financial crime and the
rise of digital banking and fintech
services have created ideal conditions
for greater regulatory scrutiny and
expanded Anti-Money Laundering
(AML) and Know Your Customer
(KYC) requirements.
With regulators constantly dissecting business
activities and countries around the world adjusting
their financial crime laws, there’s a lot of pressure
on financial services companies to keep up.
Compliance costs are high, but noncompliance fines
are often higher.
Regulatory change won’t slow down because
innovation in financial services doesn’t stop — and
neither do fraudsters. That has led to new data
collection, verification and reporting requirements
around the world.
Introduction
Companies that need to meet identity
verification requirements as part
of AML and KYC are searching for
nimble systems that match the speed
of regulatory change without losing
operational momentum.
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Trulioo — White Paper