In the lack of automation, the only way to cope with regulatory compliance and due diligence is by ensuring that you have a team that can handle the load of subjects. KYC Portal directly focuses on minimising the regulatory burden on business goals, and it has never been easier.
The need to meet regulatory obligations when conducting KYC is proving to be ever costlier and more complex, and while it is seen as being a required overhead, the current approach is invariably having an unsustainably negative impact on the bottom line.
The newly revised AML regulations further pose the responsibility on a variety of commercial organisations, not just limited to the financial services provision industry, to ascertain the origin and validity of funds at every step. The industry’s response is invariably one where more resources and funds are being allocated in an attempt at addressing the issue.
Notwithstanding, the net outcome is one where despite the process claims a heavier financial burden, the average duration for onboarding has shot up by over 40% in just two years, increased touch points required are putting a strain on customer relationships and ongoing reviews are becoming ever more unsustainable.