Best Practices for Conducting KYC Due Diligence in a Digital Age
According to Globe Newswire, understanding your customers through the Know Your Customer (KYC) process in today's commercial world plays a crucial role in preventing financial fraud. This method of customer identification is used by various financial agencies and is particularly effective in dealing with fraudulent transactions. The e-KYC market was worth approximately USD 1571.12 billion in 2021 and is expected to reach around USD 2792 billion by 2030. This growth is projected to have a compound annual growth rate (CAGR) of approximately 21.55% between 2022 and 2030. Due diligence isn’t a new concept, but in this digital age, it can be harder than ever to accomplish. But that doesn't mean it's impossible. We've compiled the best practices for conducting KYC due dilige...
