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Integrated KYC and Scaling for Success

A report in collaboration with FINTRAIL and senior compliance executives at Wise, Banking Circle, and ClearBank.

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Fintechs contend with an ever-changing environment of financial crime typologies, technological innovation, and rigorous compliance regulations.  

In 2022, the total enforcement fines for anti-money laundering (AML)-related compliance breaches rose globally by 52%, indicating firms are still struggling to meet their compliance obligations. 

Many of these fines were issued to fintechs, crypto exchanges, and challenger banks. For fintechs, regulatory enforcement actions and a diminished reputation can be the nail in the coffin in today’s climate of low investment and high costs. 

Some of the most frequent AML failings concern Know Your Customer (KYC) and Transaction Monitoring (TM), which are the cornerstones of AML compliance. If they’re not working together efficiently to monitor customer behaviour in real time, then criminal money can flow through your business with ease.

While firms of all sizes face compliance challenges, fintechs must meet them while under pressure to grow and become profitable. How a compliance system, covering both onboarding and ongoing monitoring, matures in line with a fintech’s growth is crucial to the firm’s survival.  

This report includes: 

  • Overview of the fintech sector’s top trends, challenges, and priorities 
  • Data from Fenergo’s ongoing Understanding KYC and Transaction Monitoring Challenges at Fintechs survey 
  • In-depth insights from interviews with financial crime compliance experts at leading global fintechs 
  • Practical guidance on finding your ideal AML vendor partnership 
  • Analysis of real-world KYC and transaction monitoring investigations at financial institutions 
  • Best practice tips for integrating automated KYC and real-time transaction monitoring into your AML workflow  

To find out more, watch Fenergo’s webinar: How Fintechs Can Win With AML on-demand.