Increasing regulatory scrutiny is forcing banks to boost their compliance budgets. But do higher expenditures result in a better and more effective compliance procedure? Ondato decided to investigate.

In this report, Ondato explores:

  • Compliance cost
  • Budget allocation
  • Non-compliance penalties
  • How KYC affects banks’ customers
  • A solution that cuts costs while maintaining compliance

KYC is the biggest AML-related expense, but banks continue to fail at it: