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: