CDD, KYC AND DIGITALISATION DEVELOPED TO FIGHT INCREASINGLY SOPHISITICATED TECH-BASED FRAUDS
October 24th, 2024
Securely onboarding customers is a significant cost for financial institutions. Technology is viewed as a panacea, but processes are not as effective as they could be, in part due to the tech itself, but also regulatory issues, such as over data sharing. Experimentation is underway, as banks strive to block criminals using artificial intelligence (AI) and deep fakes to open accounts, with financial institutions using tech, such as AI, themselves to shore up defences.
The costs of carrying out due diligence on new customers, and ongoing monitoring of customers ...
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