The next years are set to be in a nonstop change for financial companies in the year 2018. As the KYC and AML laws have strong changes, financial firms will have to undergo a lot of policy changes to ensure they remain compliant with the prevalent laws.
However, staying compliant with the laws is not all it takes; firms need to take additional steps to protect themselves during uncertain situations and chose a licensed KYC service.
Operations and technology can prove to be an extensive battle for companies, as they fight to remain on even ground. The question is if there is any benefit for companies for remaining compliant with the laws and regulations as stated in AML and KYC guidelines?
According to UNODC.org still more than $2 trillion is laundered every year and everyone has to pay the price. Every crime, involves money laundering in some form or the other, which means criminals need to disguise their profits in some way or the other. Around 2 to 5 percent of the total world’s GDP is lost through money laundering. In turn, in order to avoid and prevent such money laundering scandals, banks are forced to spend $8 billion annually, to secure their operations and to remain compliant.
Also all crypto related companies have to consider aligning with the regulations and to be able to keep up with all changes in each country just because sometimes a phone number, name and address is not enough to know your customers.
Complying with AML and KYC laws has become a norm every bank has to follow. Failure to do so will not only attracts a heavy financial penalty, but also causes a big blow to the identity of the banks/financial/crypto related companies.
“The banking transformation has begun” said Starling Bank CEO Anne Boden MBE. We can see with open eyes that the banks are all changing, adapting, migrating and the majority are at least talking about blockchain, banks will eventually become more digital than before.
Many developers use the footer signature of “Donating in crypto will be appreciated and we even accept the old fashion paypal ”. The change is now.
Fintech is rapidly growing and new regulations are introduced, we all hope that the crypto industry will become mature and a safer environment is build.
Don’t forget about our offer! Verifer is offering 1 month of Free KYC for all companies, read more here: https://verifer.io/kyc_1month_campaign
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