AML compliance for digital banks
Harness the power of data and leading-edge technology to turn know your customer (KYC) and anti-money laundering (AML) digital banking compliance challenges into opportunities for growth and differentiation.
Effectively address your digital bank KYC and AML compliance challenges.
Digital transformation continues to move across the banking world, offering lower costs, 24/7/365 connectivity and engaging client experiences.
Alongside hyper-digitalisation, financial criminals are becoming more adept at exploiting new, technology-enabled opportunities for illicit activity. Digital banks are at the front line of regulatory expectations to uncover and root out money laundering, fraud and other financial crimes, however, many struggle to fully meet KYC and AML compliance obligations.
Digital banks primarily target millennials and generation Z’s, who look for quicker and smooth onboarding experiences. However, digital banking compliance obligations such as KYC and AML may add a significant amount of friction in that experience resulting in increased costs, drop-off rates and operational inefficiencies. All AML processes must be designed with the customer experience at their epicentre.
Digital banks must ensure that they conduct robust AML screening and KYC checks, to meet increasing regulatory obligations and help to mitigate money laundering, fraud and other financial crimes.
Key challenges include:
Our solutions
Our digital banking compliance solutions combine the power of data and leading-edge technology to solve KYC and AML challenges in different ways. These solutions enable firms to digitalise their customer (AML) screening, Identity verification, bank account verification and enhanced due diligence, which in turn enables better, faster, frictionless customer onboarding whilst remaining regulatory compliant.
Benefits
An end-to-end set of digital KYC API solutions that fully address identity, AML compliance, sanctions compliance, due diligence, and payments fraud risks in real-time.
Leverage the unsurpassed breadth and depth of data within our industry-leading LSEG World-Check database, underpinned by a trusted, global brand.
Manual KYC processes can result in protracted onboarding, customer frustration and abandonment. Digital KYC removes these challenges, resulting in quicker, more client-friendly processes and better compliance.
Our specialists will tailor a KYC and AML solution to help solve your specific needs.
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