Research by LexisNexis, a global data and analytics provider, has found 36 percent of wealth management firms are yet to invest in digitalising their know-your-customer (KYC) identity checks when onboarding new clients.
The study, which interviewed 2,325 investors and 500 wealth management firms, also found that just 28 percent of firms have invested in digitalising AML checks, despite the complex and time-consuming nature of global checks and the risk to their business, if...
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