Tag: financial regulations

Know Your Customer. This phrase is a focal point of modern financial regulations, particularly concerning anti-fraud and anti-money laundering requirements. But KYC is even more valuable for managing risks with bad customers, speeding up transactions, and getting more business on the books.

Organisations started outsourcing specific business activities in the 1990s mainly as a cost-saving measure. Functions not related to the core business, such as accounting, human resources, data processing, security and maintenance were contracted out to specialised service providers rather than handled by internal staff and resources.