Financial institutions today are faced with the challenge of making their KYC/AML processes not only legally compliant, but also efficient and customer-orientated. New regulatory requirements are increasing the pressure on data quality, documentation and test cycles. At the same time, supervisory authorities and internal audits are placing greater obligations on institutions - and compliance must not be allowed to become a brake on this.
However, many companies are reaching their limits: structures are often complex, processes are less automated and resources are scarce. This leads to rising costs, longer processing times and increased risk. Customers, on the other hand, expect fast, smooth processes – delays in onboarding or credit decisions have a direct impact on business opportunities.
