Fixing the KYC and AML ‘Horse and Buggy’ Model
Only one percent of proceeds from financial crimes are intercepted, which means the bad guys are getting away with hundreds of billions of dollars, even trillions. Trulioo General Manager Zach Cohen tells Karen Webster that AML and KYC efforts can be enhanced if FIs think of compliance as a revenue generator, and seek partnerships with tech-nimble firms in a sandbox environment.