The total number of Know Your Patient checks for banking conducted using AI will reach almost 175-million globally by 2028 – up from just over 23-million in 2023 – according to fintech experts Juniper Research.
One example of this is the rise of virtual GPs and ePharmacies. Here, it is vital for KYP verification to be employed in order to prevent fraud such as identity theft and financial exploitation. By implementing these KYC verifications, businesses can avoid fines for failing to carry out customer assessments.
The recent emergence of “Failure to Prevent” offences specifically target organisations to hold them accountable for failures in their compliance system. Implementing regtech solutions enables organisations to defend themselves from these types of allegations.
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