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End-to-end solutions taking in biometric authentication and providing a holistic view of risk and transactions represent a new opportunity for financial services companies to meet increasingly complex compliance obligations, according to a new white paper from Jumio on anti money-laundering compliance.
‘The Dawn of end-to-end AML Compliance’ reviews the elements of compliance to the important international standard, which takes in not just AML screening, but also know your customer (KYC), transaction monitoring, and investigation and case management processes.
The history of AML only began in 1970, Jumio points out, and its evolution has created major hurdles for firms in the form not just of meeting the requirements, but tuning their processes so they can do so without turning away many legitimate customers. Finding a way to do so without overburdening teams is an extra challenge.
The white paper runs down some of the fines handed out for AML violations, including several of over a hundred million dollars. Jumio also points out that AML compliance fines doubled from 2018 to 2019, and are on pace to increase again this year.
Jumio reviews the key ingredients of KYC, including facial authentication with a selfie biometric check against a validated ID document, liveness check, and in …
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