Security News > 2019 > September > How fraud prevention tech can save banks €10M a year

A typical European bank, serving 10 million customers, could save up to €10 million annually and avoid growing fines by the regulator by implementing technology to improve the ‘Know Your Customer’ (KYC) processes, according to new research from Mitek and Consult Hyperion. The report, The Cost of Compliance and How to Reduce It, found that following new EU Anti-Money Laundering (AML4/5) and Counter-Terrorist Financing (CTF) rules extending the scope of KYC requirements, the annual cost … More → The post How fraud prevention tech can save banks €10M a year appeared first on Help Net Security.

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