What Is Know Your Client (KYC)? KYC Compliance For Identity Verification
Analytics Insight, Monday, December 9th, 2024
Given the fact that identity fraud continues to increase, KYC measures are thus important across different business sectors.
In the banking, financial, or e-commerce sectors, KYC verification assists in protecting organizations from fraud and legal non-compliance with the requirements of modern legislation and rules in the fight against financial crimes. An international survey organized by Regula and Sapio Research showed that a quarter of the banks experienced more than 100 incidents of ID fraud in the previous year, and the average cost of a reimbursement exceeded $310,000.