Too Long; Didn't Read
Anti Money Laundering (AML) regulations and Know Your Customer (KYC) requirements are also evolving. Understanding the principles behind AML regulations will help product teams incorporate thoughtful identity verification that meets customer due diligence requirements. Performing identity verification helps companies in two ways: reduces fraud and adds a layer of security; and fulfills compliance requirements while future-proofing the business against regulatory measures. Identity verification gives businesses the chance to flag anyone on a watchlist and prevent them from unwittingly doing business with politically exposed persons.