“KYC compliance is in a constant state of growth and evolution due to various factors. Some has to do with public awareness of corruption and poor oversight from financial institutions – much of which resulted from the exposure of major scandals through high profile leaks.
This has forced governments to act, including by imposing stricter regulations, clearer definitions, and greater transparency.
As a result, there is ever increasing demand for compliance solutions, such as enhanced due diligence, especially for individuals from complex and opaque jurisdictions.”