Penetration of Anti-Money Laundering (AML) and Know Your Customer (KYC) activities is predicted to witness a 70 per cent increase in 2023 as players in the financial industry intensify efforts to adapt to strict regulatory compliance obligations.This is as predicted by Co-founder/Chief Executive Officer, VerifyMe Nigeria, Esigie Aguele, a leading digital identity and Know Your Customer (KYC) technology company; and owners of QoreID, a B2B identity, and consumer data infrastructure company.
Penetration of Anti-Money Laundering and Know Your Customer activities is predicted to witness a 70 per cent increase in 2023 as players in the financial industry intensify efforts to adapt to strict regulatory compliance obligations.
Penetration of Anti-Money Laundering and Know Your Customer activities is predicted to witness a 70 per cent increase in 2023 as players in the financial industry intensify efforts to adapt to strict regulatory compliance obligations. He said: “The increasing regulatory scrutiny and the need to comply with Anti-Money Laundering and Countering the Financing of Terrorism regulations have led to a growing demand for more robust KYC and compliance processes. As financial crime evolves, regulators and financial institutions must improve their risk-based approach to AML issues and find new tools to detect risks and criminal links.
Aguele also believes that the consumer analytics segment will grow exponentially, especially with the rise of several Buy Now Pay Later models and the widespread availability of financial loan products.
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