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Streamline KYC with open banking to enhance compliance, reduce fraud, and simplify verification. A concise guide for finance professionals.
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Know Your Customer (KYC) is a key component of Anti-Money Laundering (AML) laws, designed to prevent fraud, corruption, and terrorism financing. Open banking can streamline KYC processes through the use of application programming interfaces (APIs), which securely share data. This technology simplifies the collection of user information and verification of wealth sources.