It pays to know your customers. Just ask US Bank, smarting from a $600 million fine for anti-money laundering violations in February. Or Deutsche Bank, fined $630 million for similar failings last year.
Authorities around the world are keen for lenders to develop strong know-your-customer (KYC) procedures, and are prepared to levy big penalties on banks that fall short.
As a result, firms are looking to new data-based technologies to sharpen up their compliance and help avoid regulatory punish