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Year in Review: Are You Still Sure You’re KYC Compliant?

December 20, 2021

Take the 2021 Year in Review Survey now!

One of the most important application areas for biometrics and other identity assurance technologies is ensuring that companies know who their customers are. That’s why the annual FindBiometrics Year in Review survey asks participants how confident they are that their organization meets any applicable Know Your Customer and Anti-Money Laundering laws.

Last year, respondents were pretty confident. About 74.5 percent of those who took the Year in Review Survey for 2020 said that they were confident that their organization was KYC and AML compliant, and 31.8 percent said they were ‘very confident’. Considering that 8.9 percent of respondents said that these kinds of regulations don’t apply to their organization, that made the ration of confident respondents even more reassuring.

The results from this year’s survey may offer an interesting comparison. That’s because some of the world’s most important KYC and AML regulations have taken effect since FindBiometrics’ last Year in Review Survey was conducted. In the European Union, the PSD2 regulation took effect on December 31st of 2020, and while the UK hasn’t been on the same timeline due to Brexit, its financial authority has set a deadline of March 14, 2022, for compliance with the PSD2’s Strong Customer Authentication mandate in Britain.

Meanwhile, in the United States, the California Consumer Privacy Act took effect on July 1st of this year, establishing strong safeguards for consumers’ private information and regulating how it can be collected and shared.

For some companies operating in the biometrics space, these regulations represent a market opportunity, with many of the affected organizations turning to biometric identity verification technologies to help ensure compliance. Others, however, might now be in a position in which their own activities need to be carefully managed to ensure that they aren’t running afoul of privacy and data protections. It will therefore be interesting to see whether the industry professionals responding to the Year in Review Survey are as confident about KYC and AML compliance in 2021 as they were in 2020.

The survey is still open, so be sure to represent your organization in this year’s results by answering the multiple choice questions below. It’s the best way of getting the clearest picture of the biometrics industry at a critical moment in its evolution.

–

December 20, 2021 – by Alex Perala

Take the 2021 Year in Review Survey now:

- Step 1 of 4
Join FindBiometrics throughout 2022 for our full-day virtual events and live webinars, planned around the hottest identity verticals, featuring renowned industry experts in engaging and dynamic sessions, interactive panels, and dedicated virtual expo hall time.
Learn all about frictionless and contactless security with these on-demand resources from industry leading experts.

We appreciate your participation in this survey! By submitting your information, you consent to share contact details with FindBiometrics (part of the ChannelPro Network, a division of EH Media, LLC.) and the survey sponsors, who may want to follow up with you via email or telephone to provide relevant news and special offers. You will be able to easily opt out any time.

FindBiometrics is part of the ChannelPro Network, a division of EH Media LLC, a leading U.S. business-to-business media company and conference producer.
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The 19th Annual FindBiometrics Year in Review Survey is sponsored by:

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More sponsors to be announced!

Related News

  • Year in Review: Gauging Compliance Confidence at the Dawn of 2021Year in Review: Gauging Compliance Confidence at the Dawn of 2021
  • FacePhi Deemed Compliant With Financial Intelligence Authority RequirementsFacePhi Deemed Compliant With Financial Intelligence Authority Requirements
  • Yoti Encourages Younger Industries to Take Proactive Steps to Guarantee KYC and AML ComplianceYoti Encourages Younger Industries to Take Proactive Steps to Guarantee KYC and AML Compliance
  • TruNarrative Enables Online KYC for Holland Casino GroupTruNarrative Enables Online KYC for Holland Casino Group
  • Jumio Warns About Escalating Cost of AML Non-Compliance in Financial IndustryJumio Warns About Escalating Cost of AML Non-Compliance in Financial Industry
  • IDEMIA Announces Launch of ID.X Biometric Identity PlatformIDEMIA Announces Launch of ID.X Biometric Identity Platform

Filed Under: Features, News Tagged With: AML, AML compliance, Biometric, biometrics, CCPA, FindBiometrics Year in Review, KYC, KYC compliance, PSD2, Year in Review, Year in Review 2021

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