The regulatory landscape has become stricter – and more expensive – as enterprises and FIs grapple with fraudsters and seek to protect data and dollars. In the latest AML/KYC Tracker, the costs of lapses and breaches become apparent, even anecdotally, as measured in fines and exposed records. AML and KYC investments are growing in importance when it comes time to do battle against external (and internal) threats.
Data:
$1.4 million: Average annual AML compliance spending for Canadian firms with less than $10 billion USD in total assets.
10,000: Number of KYC images from crypto exchange Binance allegedly accessed by a cybercriminal.
15.25 percent: Projected CAGR of the global AML software market as measured from 2019 to 2026.
2.6 million: Number of customers whose KYC data was exposed in Jana Bank’s unprotected database.
$770,000: USD equivalent that Soneri Bank Limited was ordered to pay by the State Bank of Pakistan for violating AML, KYC and other regulations.