Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. Cryptocurrency companies that previously let customers remain anonymous will have to change their tunes in some countries, as will online gambling sites that provided fast onboarding at the expense of rigorous identity verification approaches.
The November AML/KYC Tracker® details the latest security regulation changes, as well as how companies are leveraging new technologies to remain compliant and strengthen their fraud protections.
Around The AML/KYC World
The Bank of Thailand is exploring new KYC approaches, announcing plans to pilot online biometric KYC checks on customers seeking to open savings accounts. Remotely located customers could enjoy easier access to financial services if the test is deemed successful and the KYC solution is made available to the country’s wider financial industry.