Dec 2018 - Jan 20196In accordance with the USA Patriot Act of 2001, the Secretary of the Treasury made KYC compulsory for all U.S. banks on 26th of October 2002. This has been done to ensure that financial institutions can have details regarding their customer's identity and address to make sure that fraudsters and criminals do not misuse the institutions' services for fraudulent purposes such as money laundering, embezzlements, and so on. If any suspicious activity is found happening through a customer's account, the bank can immediately get all the necessary details of the person and turn him over to the police to prevent the miscreant from causing further threats not only to the same bank but also to other financial institutions as well. These have made the banking landscape much safer than in the past where fraudsters could easily get away with crimes by not revealing their true identities.With all these advantages that KYC brings in, it has also made the onboarding process lengthier and more complex. This has resulted in companies looking to bring in more automation and digitization of the onboarding process to make it more effective and efficient. By incorporating technologies such as AI, data analytics, RPA, and so on, the onboarding process can be made faster and more insights can be derived from the data while providing a best-in-class customer experience.In this scenario, our goal with this special edition is to highlight best-of-breed KYC solution and consulting/service providers in the market. This edition blends thought leadership from subject matter experts with real stories on what selected vendors are doing for their clients, including exclusive insights from CIOs and CXOs. Write us your thoughts.Copyright © 2018 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.DEC 2018 - JAN 2019Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com DEC 2018 - JAN 2019, Volume 04 - 15 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464KYC SPECIALNick Masonnick.mason@bankingciooutlook.comVisualizerAR RamjithIssac GeorgeManaging EditorJames RobertsonDigitizing KYC for Safer BankingJames RobertsonManaging Editor editor@bankingciooutlook.comRagavi RamuCarolynn WaltersJustin SmithEditorialJoseph MichaelKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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