At a time when most industries are suffering from the economic stresses of the global Coronavirus pandemic, the KYC industry is enjoying solid growth. Travel restrictions and social distancing rules are forcing businesses to conduct most of their work and client interaction remotely.
This, however, requires proper authentication and identity verification, and that fuels the growing interest in KYC solutions. How can this trend influence the financial industry, and which trends in KYC are we going to see in the nearest future? Finance Magnates Intelligence took a closer look at the KYC sector.
Looking at the current financial industry, one can see how the KYC sphere has evolved. The changes are seen on three different levels β first of all, the regulatory level. It is obvious today that a stringent KYC policy is one of the key elements of a sound financial environment in most countries. From a regulatory perspective, it allows for combating possible financial crimes better. The more reputable a given regulatory regime is, the more it will demand from industry participants when it comes to collecting information on their clients.
Victor Fredung, CEO of Shufti Pro, shared with Finance Magnates his observation on this matter: "KYC has changed significantly over the last five years. There have been many regulatory and technological advancements," he said. "Also, there has been a rise in KYC compliance awareness among businesses. Some new regulations are passed, such as AMLD5 of EU, and several amendments are made in previous laws/recommendations by FATF and national authorities such as FINMA, FINCEN, FINTRAC, etc."
Automation in KYC solutions
Today, everything in the KYC sphere is more automatic and is being taken care of by specialist or tailored software. Automation procedures seem to be more important today than ever before. With the COVID-19 pandemic paralyzing world economies, special measures had to be taken. One of them was social distancing, which is the main tool in combating the pandemic. This, of course, had to influence the way business is being conducted.
The coronavirus pandemic made people more aware of how quickly many things can be done without leaving your home or office. It also made people more aware of how serious the security of financial transactions and agreements should be taken. All of these developments had been growing slowly in the KYC/AML industry and will now speed up because of the pandemic.
What we want to see is minimal input from customers and more innovative financial businesses. The Leverage of multiple sources to validate the data provided by the customers will be seen more often.
To get the full article and the bigger-picture perspective on how the industry evolved in 2019, get our latest Quarterly Intelligence Report.
At a time when most industries are suffering from the economic stresses of the global Coronavirus pandemic, the KYC industry is enjoying solid growth. Travel restrictions and social distancing rules are forcing businesses to conduct most of their work and client interaction remotely.
This, however, requires proper authentication and identity verification, and that fuels the growing interest in KYC solutions. How can this trend influence the financial industry, and which trends in KYC are we going to see in the nearest future? Finance Magnates Intelligence took a closer look at the KYC sector.
Looking at the current financial industry, one can see how the KYC sphere has evolved. The changes are seen on three different levels β first of all, the regulatory level. It is obvious today that a stringent KYC policy is one of the key elements of a sound financial environment in most countries. From a regulatory perspective, it allows for combating possible financial crimes better. The more reputable a given regulatory regime is, the more it will demand from industry participants when it comes to collecting information on their clients.
Victor Fredung, CEO of Shufti Pro, shared with Finance Magnates his observation on this matter: "KYC has changed significantly over the last five years. There have been many regulatory and technological advancements," he said. "Also, there has been a rise in KYC compliance awareness among businesses. Some new regulations are passed, such as AMLD5 of EU, and several amendments are made in previous laws/recommendations by FATF and national authorities such as FINMA, FINCEN, FINTRAC, etc."
Automation in KYC solutions
Today, everything in the KYC sphere is more automatic and is being taken care of by specialist or tailored software. Automation procedures seem to be more important today than ever before. With the COVID-19 pandemic paralyzing world economies, special measures had to be taken. One of them was social distancing, which is the main tool in combating the pandemic. This, of course, had to influence the way business is being conducted.
The coronavirus pandemic made people more aware of how quickly many things can be done without leaving your home or office. It also made people more aware of how serious the security of financial transactions and agreements should be taken. All of these developments had been growing slowly in the KYC/AML industry and will now speed up because of the pandemic.
What we want to see is minimal input from customers and more innovative financial businesses. The Leverage of multiple sources to validate the data provided by the customers will be seen more often.
To get the full article and the bigger-picture perspective on how the industry evolved in 2019, get our latest Quarterly Intelligence Report.
A graduate of the Warsaw School of Economics, Sylwester received an MA specializing in finance and banking. As Finance Magnates' research associate and STA certified analyst, he leaves no stone unturned. Sylwester is the previous minority partner of an NFA registered US forex broker, and since 2003, has participated in many forex projects.
TradeStation and Coincheck Drive Monex's 850% Profit Surge
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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