KYC Bank: A safety measure against Money Laundering and Illegal Transactions
All the banks are required to deal with customers regarding cash, transactions, account opening, maintaining credit, and debit. So the banking industry must have access to their authentic customers. There have been several fraud cases happening in the form of illegal transactions and money laundering where banks also have to suffer heavy fines, reputational damage, and sanctions. In 2023, money laundering risk in Honduras is at 5.6 out of a maximum score of 10.
Advanced AI-based verification methods used in KYC process help filter authentic and legal customers while avoiding security breaches. KYC is the only way to reduce anonymous bank accounts and monitor suspicious activities which helps to combat financial fraud and money laundering. This can only be done by knowing the customers ...