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Leveraging biometrics to transform KYC

Author

Listed:
  • Ferreira, Matthew

    (Centre for Financial Regulation and Inclusion (Cenfri))

Abstract

Know your customer (KYC) has long been perceived as a compliance burden for banks. It is a costly process that is equally frustrating for consumers, and the penalties for non-compliance can be severe. Regulation, however, is changing to enable banks to innovate in the way they undertake KYC. This paper discusses how the technology of biometrics can be utilised in KYC to reduce costs, drive business development and improve the experience for consumers while effectively mitigating money laundering risk. It further shows that KYC regulation should not be perceived as a compliance burden but rather as guiding the implementation of effective identity management solutions that form part of a bank’s overall business strategy and processes.

Suggested Citation

  • Ferreira, Matthew, 2019. "Leveraging biometrics to transform KYC," Journal of Digital Banking, Henry Stewart Publications, vol. 4(3), pages 222-233, December.
    • Handle: RePEc:aza:jdb000:y:2019:v:4:i:3:p:222-233
    as

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    More about this item

    Keywords

    biometrics; KYC; compliance; digital; onboarding;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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