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Author Topic: The global market for KYC solutions  (Read 90 times)
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December 17, 2018, 07:46:52 PM

The requirements for the KYC (Know Your Client) procedure are different even within the European Union, and this is despite the fact that there is a special GDPR (General Data Protection Regulation), that applies to all 28 member states of this political union. In total in the world there are about 3 thousand jurisdictions of different levels. Complying with all their requirements, learning how to work with all documents from all jurisdictions in all languages and obtaining licenses from regulators is not easy. This is the main difficulty in creating a global KYC product.

As a result, each regulatory area of different jurisdictions has its own AML (Anti-Money Laundering) policy describing the requirements for KYC compliance: what should be checked and how. In the event of suspicion of the validity of the audit or its results, the regulator requests from the company the methodology by which it was carried out. The company provides this data, after which the regulator decides whether the procedure was violated or not.

According to the analytic agency OWI, the total market for KYC solutions is estimated at $ 5.6 billion, with an annual growth rate of 16%, with an expected size of $ 11.8 billion in 2022. The results of the study “Global Analysis and Forecast of the Anti-Money Laundering Software Market (AML) (2017–2023)” show more modest figures - $ 1.42 billion.

Nevertheless, solutions of companies developing KYC products use business, government and non-profit organizations throughout the world. Remote identification has already been successfully applied by banks such as Bank of America, Royal Bank of Scotland (by fingerprint), Barclays (by vascular finger pattern), HSBC (by face), Wells Fargo (either by voice and face, or by vascular pattern eyeball) and Citibank (by voice).

KYCBench is helping its customers with their AML and KYC compliance needs without increasing costs or reducing transparency for any blockchain and non-blockchain solutions. The main aim is to cut the risk of fraud and reduce the costs of compliance by using comprehensive ID verification and AML watchlist monitoring technology with the highest security standards and integrated same automation technologies that leading financial institutions and fintech companies, mentioned above, are using.

KYCbench, your reliable KYC partner
GDPR & ISO/IEC 27001:2013 compliant

Please contact KYCbench today, the most reliable ID verification processor at:

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