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RegTech, Biometrics and Due Diligence

To protect against fraud, money laundering and terrorist financing, the finance industry obtain key customer details known as Customer Due Diligence (CDD) before engaging in business. The majority of organisations still use human intensive, paper based methods such as an in-person comparison between an individual and their passport or the use of certified copies. However the development of Biometric Technology, which allows individuals to better represent their identity through a combination of unique identifiers, offers the potential to reinvent the industry. So are we about to see a seismic shift?

The cost of meeting ever-increasing regulation and fines can be proactively avoided by creating a diligent CDD foundation for your firm. A recent global survey[1] revealed the average international financial firm spends $60 million annually to cover basic CDD, with the biggest banks spending up to $500 million.