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Identity crisis: Consumer and corporate verification in a state of flux
In the UK alone, there were 1,664 recorded money laundering events last year, that's almost 2.5 events per 100,000 people. Likewise, according to UK government data, 55% of businesses experienced known or suspected fraud attempts last year. Despite the rise in fraud and money laundering, there is a still a disconnect between effectively identifying and preventing money laundering as more fines than ever were dished out in 2023, including Binance who were fined a staggering $4billion for AML failings.
FullCircl's latest guide provides a comprehensive overview of developments in the identity verification (ID&V) space, the latest trends and challenges facing compliance teams in 2024, and an actionable 4-step framework to approaching the market for IDV software.
Not all IDV platforms are built equally. There are many distinct types of IDV vendor out there, each with different solutions, coverage, experience, and costs. It’s vital to do your research, plan ahead questions & deliverables, and understand how to compare core capabilities to find the best provider to match your specific business needs.
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