Hyarchis publishes KYC & AML predictions for 2030 - Hyarchis
Opinion matters

Hyarchis publishes KYC & AML predictions for 2030

published 2023-08-06

During the world’s largest global fintech event, Money20/20 in Amsterdam, Hyarchis launched its market report Predictions in KYC and AML for 2030. The report features the vision of opinion leaders and early adopters on compliance in onboarding and monitoring in 2030.

Money laundering and terrorism financing (ML/TF) pose a serious threat to the integrity of the EU economy and financial system and the security of its citizens. With the number and volume of fraud attacks increasing dramatically, financial institutions have put in procedures to keep an eye on questionable activity. But 95% of these system-generated alerts are false positives, which end up costing businesses billions of dollars in wasted investigation time each year, says Adriaan Hoogduijn, CEO of Hyarchis. “It is clear that if we want to have a robust and vibrant financial system, compliance needs to be reinvented. That is why we have commissioned this report: to identify trends and developments that will allow financial institutions a more efficient way of fulfilling their gatekeeper function.”

The report highlights a number of trends that will drive these developments:

Trend: always-on compliance

Expect to see financial institutions move away from static one, three, and five year review cycles and adopt continuous KYC. A new business model called KYC-as-a-Service (KYCaaS) outsources KYC compliance to outside companies. This strategy might make KYC compliance less expensive and complicated.

Trend: personal data vaults

Consumers, fed up with external parties knowing everything about them, will take back control over their own ID and data. This will lead to the emergence of personal data vaults. The discussion on personal data vaults will gain momentum through the lively debate about ChatGPT that has put themes of intellectual property, authenticity and ethics are in the spotlight.

Trend: biometrics

Facial recognition and fingerprint scanning are two biometric technologies that are increasingly common in a variety of industries. This technology will likely be used in KYC compliance to enhance the verification process and lower the risk of identity theft.

Trend: digital twinning

Digital twins are a virtual representation of real-world physical objects; a digital counterpart to something that also exists as a physical object or being. In KYC, this means a customer might have their own “digital twin” on a blockchain, which would be used to hold the crucial information that all financial institutions require to operate. Digital twins of the consumer act as “KYC passports”.

Written by
One Step Ahead

More interesting posts

MEDIA thumbnail (2)
Hyarchis helps Akbank unlock digital banking opportunities by leveraging cloud technologies 

In today's economic landscape of digital transformation, best-case customer experience is critical to business success and customer-centricity...

Read more
Welcome to the team post (6)
Compliance – Why is it so important for accountants?

The accounting industry is under pressure, in part because of laws and regulations, which are constantly changing. So how do you...

Read more
Welcome to the team post (9)
The accountants of FSV talk about digitized onboarding's importance

In conversation with Auke Dirkmaat, Melvin Rademaker and Martijn van Haaften from FSV Accountants discuss the impact of digitization...

Read more

Want to learn more? Subscribe to our monthly newsletter and stay one step ahead!

Contact information

Please enter your first name
Please enter your last name
Please enter company name
Which solution you are interested in?
Industry you are operating in?
*Please select atleast one interest
Please enter the message
In order to send message you have to accept our terms and conditions
Please verify that you are a human