The next five to 10 years are expected to see transformational
changes in cross-border regulatory reporting and compliance. At a
time when the regulatory burden grows ever larger, the ability to
manage and simplify the compliance mandate will be driven largely
by compelling advances in data management and digital
technologies.
Initially, this (r)evolution is forecast to eliminate the vast
amounts of manual and paper-based documentation and record keeping
needed today; longer-term, the benefits in terms of quicker
processing and faster, simpler identification could be even more
profound. Such is the powerful opportunity presented by so-called
verified identity solutions that know your customer (KYC), as we
currently see, could disappear in as little as five years.
