This whitepaper from PYMNTS.com delves into the history, the fight against, and the current regulatory landscape surrounding anti money laundering efforts in the US. As financial institutions are required to meet ever more stringent “know your customer” (KYC) compliance and anti-money laundering (AML) requirements, the need to find technological solutions for providing a smooth experience for the customer, while reducing risk on the part of the FI, only grows in importance.
As fraud and regulations increase, remote ID document verification, done via a mobile device, presents an elegant solution for complying with KYC and AML regulations without inconveniencing customers.
Ultimately, there are a variety of tools FI's can use for identity verification on the market; however, not all of them are created equal. It is up to businesses to determine which tools serve their compliance needs without disrupting the lives of their customers. After all, with the growth of terrorism, AML and KYC regulations will only continue to get stricter.