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Data analytics and automation part of the tool kit for a safer banking environment

Up to US$3t a year is laundered globally, and a banking regulation is created every 12 minutes. It's why more sophisticated and agile tools are needed to fight the scourge.

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The monetary and physical strain that continuous compliance places on banks is enormous, which is why self-updating databases that promise to make the Know Your Customer (KYC) processes more manageable are attractive.

THE banking industry has had its share of money-laundering and fraud schemes over the last five years. These issues have become significant enough for banks to start investing heavily in some form of defence.

Yes, there are strict Know Your Customer (KYC) processes in place to verify the...

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