RelyComply’s Post

A Jupiter payments study found that financial businesses are far from being alone in needing to 'know their customer'. Non-financial businesses worldwide have dedicated $30.8bn of spending in 2024 on installing KYC or KYB systems for fraud and revenue protection, with the forecast expected to grow rapidly to $52.9bn by 2029. Read more: https://lnkd.in/ekpRY9MN

A Jupiter payments study found that financial businesses are far from being alone in needing to 'know their customer'. Non-financial businesses worldwide have dedicated $30.8bn of spending in 2024 on installing KYC or KYB systems for fraud and revenue protection, with the forecast expected to grow rapidly to $52.9bn by 2029. Read more: https://lnkd.in/exqvVmQ3

The integrity of financial systems for a long time has hinged on the proper KYC and AML measures. While things are being shaken up, KYC standards still play a vital role for the backbone of financial security. As this piece from Fintech Global points out – “KYC remains a cornerstone in the architecture of financial crime prevention. As criminals employ more advanced techniques, the continued evolution and stringent application of KYC protocols are imperative for securing the financial sector and protecting global economic integrity.” The playing field may be taken elsewhere but the foundation still remains largely the same. #Fintech #KYC #Security #FinancialSecurity

SmartSearch to Provide Real-time Global Identity Verification With International Individual Check Solution Fraser Mitchell, Technical Director of SmartSearch, said: “The process of verifying the identity of individuals who reside internationally has traditionally taken up a lot of time, money and resource. We’re proud to be making this process easier for our customers with the launch of SmartSearch’s International Individual Check solution. The combination of our market-leading digital compliance technology with LSEG Risk Intelligence’s extensive, high-quality local data will help give companies in regulated industries peace of mind that they are protected against fraud and money laundering, and will remain compliant with the ever-evolving regulatory landscape they face.” https://lnkd.in/euTPbmnW #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Ever wondered how industries are tackling financial crime and protecting their customers against fraud? Dive into the world of KYC (Know Your Customer) to understand why it's crucial for all businesses, not just financial institutions. From online gaming platforms to the alcohol industry, KYC practices are reshaping the way we interact with products and services. Check out this fascinating article on why KYC is essential across all sectors: [Link to the article] https://lnkd.in/d7cbYqc6

Financial institutions are enhancing customer experience and combating financial crime through advanced digital verification methods. As highlighted by RelyComply’s CEO, pKYC checks are crucial for mitigating risks. By implementing robust KYC/AML processes, banks can spot red flags and foster compliance while improving security. RelyComply Bradley Elliott https://lnkd.in/dcD4eqyX #FinancialInstitutions #DigitalVerification #KYC #AML #RelyComply #Fintech #RiskManagement #CustomerExperience #FraudPrevention

#Biometric #eKYC allows banks and financial institutions access to the highest level of identification and #authentication security and customer onboarding process leveraging trust. Read More https://bit.ly/3zkKp3N #IdentityTheft #compulynx #customeronboarding

Banks must deploy KYC tools to ensure regulatory compliance, reduce money laundering risks, and build consumer trust in online transactions. This involves employing identity verification tools, such as document checks and biometrics, to combat financial crimes, protect customer identities, and facilitate effective risk management through continuous monitoring, ultimately enhancing security for both banks and customers. https://hubs.ly/Q02r88Yc0 #BankingSecurity #KYC

How KYC is reinventing financial security standards globally - FinTech Global: The battle against financial crime is ongoing and complex, with Know Your Customer (KYC) protocols at the forefront of safeguarding compliance and ...

Wondering what lies ahead for businesses and individuals when it comes to identity verification and compliance? Look no further! In this blog post, we will explore the top five trends shaping the future of KYC and revolutionizing how businesses verify customer identities and manage