Navigating the complexities of Know Your Customer (KYC) processes is paramount for businesses operating within the rapidly evolving financial landscape. Statistics indicate a growing expenditure by Malaysian financial institutions on compliance measures. A report by PWC stated that KYC costs now constitute approximately for 3% of a bank’s total operational cost base, which makes it a significant cost. Furthermore, the rise of sophisticated fraud and money laundering techniques necessitates a more agile and efficient approach to KYC optimization as it severely impacts banking, FinTech, e-commerce and telecommunications sectors, all striving to balance security with a seamless user experience.
In 2024, Fenergo conducted a study of more than 450 C-level executives across corporate, institutional and commercial banks. The study revealed that 67% of them have lost clients due to slow and inefficient client onboarding and KYC, a sharp increase of 19% from the previous year. Singapore’s banking industry in particular is confronting an alarming rise in client exodus, with nearly 90% of financial institutions losing customers over the past year due to delays and inefficiencies in Know Your Customer (KYC) processes and client onboarding with potential losses being billions of dollars. In Malaysia, TNG eWallet became the FIRST eWallet in Malaysia to implement 100% eKYC verification. Not only does this provide an extra layer of security by reducing the risk of fraud and unauthorised access, but also expands user eligibility, unlocking access to additional features and products. Inadequate KYC verifications can also lead to Customer Due Diligence (CDD) failures. In July 2024, Bank Negara Malaysia (BNM) imposed RM1.66 million in penalties on four financial institutions for late, incomplete and inaccurate submissions of critical data in accordance to the FSA 2013 and Islamic FSA 2013.
A study conducted by Mckinsey shows that the enabling of eKYC can potentially drive cost reduction of 90% in customer onboarding. Additionally, the implementation of a digital identity would potentially allow for 1.7 billion of the unbanked population to gain access to financial services. The benefits of KYC optimization extend beyond mere compliance and risk mitigation; they tap into a fundamental driver: the desire for increased profitability and efficiency. Join us at the KYC Optimization conference by Trueventus and learn from the industry leaders about the strategies and technologies that will propel your organization towards streamlined operations and enhanced customer onboarding. Optimizing KYC isn’t just about adhering to regulations – it’s about smart business practice that fuels growth and maximizes returns in Malaysia’s dynamic economy.
Jumio helps organizations to know and trust their customers online. From account opening to ongoing monitoring, the Jumio Platform provides AI-powered identity intelligence anchored in biometric authentication, automation and data-driven insights to accurately establish, maintain and reassert trust.
Leveraging powerful automated technology including biometric screening, AI/machine learning, liveness detection and no-code orchestration with hundreds of data sources, Jumio helps to fight fraud and financial crime, onboard customers faster and meet regulatory compliance including KYC and AML. Jumio has processed more than 1 billion transactions spanning over 200 countries and territories from real-time web and mobile transactions.
Based in Sunnyvale, California, Jumio operates globally with offices and representation in North America, Latin America, Europe, Asia Pacific, and the Middle East and has been the recipient of numerous awards for innovation. Jumio is backed by Centana Growth Partners, Great Hill Partners and Millennium Technology Value Partners.
For more information, please visit www.jumio.com.
ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and fraud detection technology. ComplyAdvantage’s mission is to create a safer, stronger financial system by providing companies with the information and insight they need to detect and prevent money laundering and other financial crimes. More than 1600 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company identifies thousands of risk events daily from millions of structured and unstructured data points. G2 and leading industry analysts have recognized ComplyAdvantage as a leader in AML services.
ComplyAdvantage has four global hubs in New York, London, Singapore, and Cluj-Napoca and is backed by Goldman Sachs, Ontario Teachers, Index Ventures, and Balderton Capital. Learn more at www.complyadvantage.com
RIMAS, the Risk and Insurance Management Association of Singapore is a non-profit organisation founded in 1988 and dedicated to advancing the discipline and practice of risk management.
www.rimas.org.sg/
The Association of Trade and Commerce (ATC) is a business association dedicated to advocating and representing the interests of Singapore’s enterprises across diverse industries and trade sectors. As an enterprise-centric and community-based organisation, ATC actively advocates for the growth and development of businesses, focusing on key pillars such as capability building, transformation, globalisation, and community engagement.
www.atc.sg
As a global learning centre for Enterprise Risk Management (ERM) professionals, ERMA offers comprehensive courses, 4 ERM certifications, and accommodate worldwide collaboration among ERM professionals. With members from 100+ countries and various professional backgrounds, such as risk practitioners, educators, executives, and more, ERMA empowers professionals to stand out in a competitive market.
Verify your expertise with ERMA Certifications and help your organization make better risk decisions. Elevate your career in Risk Management today—use code ERMATRV10 for 10% off registration!
www.erm-academy.org/
AIMA is the world’s largest membership association for alternative investment managers. Its membership has more firms, managing more assets than any other industry body, and through our 10 offices located around the world, we serve over 2,000 members in 60 different countries. With the mission to ensure that our industry of hedge funds, private market funds and digital asset funds is always best positioned for success. Success in our industry is defined by its contribution to capital formation, economic growth, and positive outcomes for investors while being able to operate efficiently within appropriate and proportionate regulatory frameworks.
www.aima.org/
The Asian Bankers Association (ABA) serves as a platform to advance the banking and finance industry in the Asia-Pacific region and promote regional economic cooperation. Its key goals include facilitating the exchange of views on banking opportunities, fostering fellowship among regional bankers, encouraging collaborative activities to support members’ roles in economic development, and initiating projects that boost trade, industry, and investment cooperation across the region.
www.aba.org.tw/
