KYC IN NON-REGULATED INDUSTRIES

‍I see a trend this year with increasing KYC being requested by companies in non-regulated industries or regions - meaning that everyone is doing KYC on each other - even without any regulatory needs in a preventative manner. This is happening with companies and KYC teams being anticipatory and prepared, so should there be anything unexpected or sudden - be it new expectations from financial institutions or evolving  international sanctions - the organization is ready. I hear from customers every week who are not required by law to do KYC but want to actively engage in “knowing their counterparties and customers”.
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‍Lars Mørch | CRO, Avallone

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KYC KNOWLEDGE EXCHANGE AND COMMUNITY‍

While KYC is far from being standardized, those who work with it all have similar experiences - albeit unfortunately, usually painful, and I see more and more of the individuals who work with KYC, AML and other financial crime prevention and compliance teams want to share their expertise and knowledge with others to create more of a community / professional group. The great thing is that this drive comes from individuals from all sorts of industries - as well as from both the banking and the corporate world. We definitely are part of this trend at Avallone - as we want everyone - regardless of their KYC program and the tools they use - to be able to learn from and teach each other about the best practices and approaches to KYC.

Ada Chan | VP Strategy and Planning, Avallone
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What are your predictions for KYC in 2024?‍

We'd love to hear what you think will be trending for KYC! In the comments in our LinkedIn post. We'd love to hear what you think will be trending for KYC!

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