3rd September 2019 Church News.
A typical European bank, serving 10 million customers, could save up to â¬10 million annually and avoid growing regulatory fines by implementing Know Your Customer (KYC) tech processes, according to new research. Mitek and Consult Hyperion found that following new EU Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) rules extending the scope of KYC requirements, the annual cost of punitive non-compliance fines has risen to â¬3.5 million.
