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Who Regulates KYC Processes?


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Every country has its own organizations that establish and oversee KYC requirements. In the U.S., these government bodies include the Financial Action Task Force (FATF) and the Financial Crimes Enforcement Network (FinCEN).

Your company can face serious penalties if it does not follow secure identity verification KYC regulations. In 2021, record fines were assessed against mega-corporations, including $700 million against one bank. Sometimes, jail time may be assessed against certain company executives who violate KYC policies.

Simplify KYC Processes With Ondato KYC Solutions

Following KYC processes is a requirement for financial services institutions, and failure to stay compliant can mean your company will face serious financial, criminal and reputational repercussions. However, AML and KYC procedures can complicate cultivating and maintaining satisfying business relationships with new customers. Clients still expect a seamless customer experience no matter the current AML climate.

Fortunately Ondato, can help you meet your KYC obligations while providing a superior customer experience. We offer advanced software programs with easy integrations, false positives prevention, and automated customer identity verification. With Ondato, you can stay compliant with rigid governmental regulations concerning AML and KYC and avoid costly fines and damage to your company’s reputation.

KYC is a necessary process that does not have to be overly burdensome for your company. Contact us today for more detailed information and KYC compliance tools. You and your customers will benefit from our expertise.

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