The importance of Know Your Customer (KYC) in financial institutions is underscored by its vital role in ensuring regulatory compliance, mitigating risks, and preventing fraud. In an increasingly digital and globalized financial landscape, effective KYC practices are essential for maintaining a strong reputation, facilitating secure cross-border transactions, and adapting to emerging risks and trends.

To further explore these topics, PWMA will host an online training session on September 25, 2024 (Wednesday). This session will feature industry practitioners from financial institutions who will share insights on KYC and onboarding processes. Participants will discuss the challenges they encounter, strategies for balancing regulatory compliance with client experience, and technological solutions for streamlining KYC procedures. Additionally, speakers will address the implications of last year’s Singapore money laundering case, which involved the laundering of $2.2 billion in criminal proceeds through Singapore’s financial system.