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The rise of neobanks has transformed how everyday customers access a range of services in banking. By its proximity to sensitive data and money, plus the potential for bad actors to strike, neobanks must ensure that proper Know Your Customer (KYC) compliance is instituted. This involves verifying customer identity by processing personal information such as
Fintech companies and digital banking have revolutionized money management for today’s customers, offering greater access to products and services. Debit cards, checking and savings accounts, and credit cards are no longer the sole preserve of traditional banking with physical branches. Many contemporary neobanks offer customers the ability to have banking accounts with no minimum balance
Across the world, legal authorities enforce Know Your Customer (KYC) standards and requirements on certain sectors, like financial services and gaming, to protect customers and companies and tackle financial crime, from money laundering to terrorism financing. While KYC is stringent and well-established in some sectors, like financial services, they are patchy and constantly shifting in
