How KYC Screening Can Help Banks Prevent Strange Instances of Wholesale Fraud

KYC screening is a key component of the Know Your Customer (KYC) process. This set of requirements helps prevent money laundering and terrorism financing, as well as everyday fraud. It aims to verify a customer’s identity at the time of account opening, and helps financial institutions identify suspicious transactions or individuals. With the right systems in place, KYC screening can help ensure the safety of customers’ money and assets.

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VERAFIN is a powerful visual storytelling tool that provides investigators with smart evidence and investigative tools. It also offers secure environment, TARGETED ALERTS, and supporting information. This software combines cross-institutional analysis with visual storytelling. It will help banks prevent wholesale fraud and increase customer trust by ensuring that the company conducts business in a safe and secure manner.

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ING has made significant progress in improving its compliance risk management. ING has settled a lawsuit with the Dutch authorities after an investigation revealed serious shortcomings in its customer due diligence. The company is working with the Italian bank Banca d’Italia to improve its AML processes in Italy. Its efforts include improving KYC knowledge and behaviour among employees. And it’s working with the judicial authorities to address shortcomings in its AML processes in the country.

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