Know Your Customer, 2022-2027, Worldwide
Preventing money laundering presents a complex challenge for businesses, necessitating a delicate balance between adhering to increasingly stringent regulations and thwarting innovative tactics employed by fraudsters who exploit technological advancements for cyberattacks. The emergence of the COVID-19 pandemic has introduced a new dimension, allowing fraudsters to misappropriate billions of dollars earmarked for fiscal stimulus. Beyond banks and financial institutions, various industries now find themselves requiring Know Your Customer (KYC) practices due to the misuse of stolen identities for terrorism and data breaches. These factors, combined with evolving security landscapes, diverse payment channels, operational procedures, and heightened compliance standards, underscore the necessity for adaptable and flexible identity management solutions in lieu of traditional screening methods. Consequently, KYC/CDD (Customer Due Diligence) has evolved into a fundamental global practic...