While globalization and technological advancements have improved business operations, digital financial crimes under money laundering have also taken advantage of new technologies. The estimated amount of global money laundering is around $2 trillion per year. This figure is almost equal to the entire GDP of Italy, the world’s 8th largest economy. Many banks spend approximately $900 million to $1.3 billion annually to improve and manage their KYC and AML processes.
In addition to the high costs of KYC/AML compliance, financial institutions are constantly under client pressure to facilitate transactions efficiently. In many cases, compliance programs are slow, fragmented and manual, which slows down the client’s business and ultimately damages the client’s relationship.
jessica W. bergstrom 