Curing the KYC compliance challenge with AI

Jokingly dubbed "deal prevention units" by some front-office staff, compliance teams now have the third most-stressful City jobs after that of an investment banker and a trader. Pre-crisis, pre-Brexit and pre-cybercrime, compliance used to be (almost!) a stress-free job with regular hours. As regulatory pressure intensifies and personal liability mounts, compliance officers are under increased pressure do the right thing every time, personally and professionally. Our latest research, The Cost of Compliance and How to Reduce It, shows that a typical European bank, serving 10 million customers, could save up to €10 million annually and avoid growing fines by the regulator by implementing technology to improve the "Know Your Customer" (KYC) processes. Following new EU Anti-Money Laundering (AML4/5) and Counter-Terrorist Financing (CTF) rules extending the scope of KYC requirements, the cost each year of punitive non-compliance fines is now €3.5 million.