Why robust KYC procedures are crucial for all SaaS companies [Q&A]

For banks, know-your-customer (KYC) measures amount to 40 percent of all anti money laundering (AML) compliance costs, totaling $5.7 million each year. This sum is tiny, however, compared to what is paid for non-compliance. In 2022, global fines for inadequate AML grew by 50 percent, almost reaching $5 billion. We spoke to Vaidotas Šedys, head of risk management at web intelligence platform Oxylabs, to discover that KYC-related challenges are not just faced by banks but are an issue for proxy and web scraping service providers too. BN: AML and KYC are usually associated with banks and financial institutions. What makes… [Continue Reading]