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Banks could lose out on €150m in the next five years to customer abandonment Cost of non-compliance fines grows to €3.5m a year, adding new financial strain By digitising identity verification, a typical bank could save €10m a year London, UK., 3 September 2019 – A typical European bank, serving 10 million customers, could save up to €10 million annually and avoid growing fines by the regulator by implementing technology to improve the ‘Know Your…

Source: RealWire

from Albert Sherrill Investment Blog http://www.realwire.com/releases/KYC-compliance-costing-banks-50-million-a-year-as-financial-sanctions-soar
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