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Impact Study - Avoiding Improvisation

Impact Study - Avoiding Improvisation

A 3-Step Guide to Harmonising Electronic Identity Verification.

Challenges to due diligence compliance come in multiple forms – biometric, document validation, electronic identity verification – making this a vast and varied area of concern for financial institutions.

Research by Fenergo states that fines levied on financial services firms for KYC, AML and sanctions-related breaches since the financial crisis total nearly $26 billion. However, due diligence is inherently complicated for global companies required to meet the regulations of multiple countries and regions.

The chief compliance officer of a global organisation has an incredibly complex job. This role could be compared to that of an orchestra conductor ensuring that all areas of the business are following the sheet music of regulation properly and that everyone is keeping time and playing their part.

This is a point study of the key considerations companies should make in their due diligence requirements in electronic identity verification (eIDV).

 


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