It’s clear that poor customer service is bad for business, but the financial implications might surprise you.  

A 2024 study revealed that globally, businesses lose approximately $3.7 trillion in sales each year due to negative customer experiences. Customer satisfaction has reached its lowest since 2010, highlighting an urgent need for improvement. 

Money laundering accounts for anywhere between 2 and 5% of global GDP, which is between $800 billion and $2 trillion each year. 

The figure has risen in recent years, with financial crime surging by more than 50% in 2022. This resulted in fines totaling $5bn due to anti-money laundering (AML) infractions and “know your customer” (KYC) failings. 

When businesses search for a KYC/AML platform, they often face a common set of frustrations a number of pain points that are often reflected in online reviews, user feedback, and industry discussions.

Compliance as a process is a topic often in the shadow of major news. However, identity checks are a critical part of doing business securely and reducing risk.

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As governments around the world begin to clamp down more aggressively on global money laundering activities, as well as closing off channels used to fund international terrorism, regulatory compliance is of vital importance.

As international business expands and evolves, both across real world connections and the web, the task of risk management and compliance grows more and more complex.

Regardless of your field of interest, if you happen to be a digital entrepreneur or any online enterprise, you need to know how to create and maintain an effective and fully compliant (KYC) onboarding function.

Today’s business world is quite different from that of even a decade ago, with the ever-changing landscape associated with business regulations and compliance issues demanding a full measure of care and attention.