VENDORS OFFER TECHNICAL SOLUTIONS TO DATA ANALYSIS DEMANDS OF KYCC
May 1st, 2021
Obliged entities following the risk-based approach of calibrating AML/CFT controls lodging suspicious transaction reports must rely on solid knowledge about their customers and partners. But to be comprehensive in assessing risk, obliged entities must know something about their customers’ customers.
That is the underpinning of ‘know your customers’ customers’ (KYCC) systems that are increasingly being touted by vendors.
The benefit of having such knowledge has been highlighted by the Wirecard scandal, where a German credit card processor collapsed after ...
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