[stock-market-ticker symbols="FB;BABA;AMZN;AXP;AAPL;DBD;EEFT;GTO.AS;ING.PA;MA;MGI;NPSNY;NCR;PYPL;005930.KS;SQ;HO.PA;V;WDI.DE;WU;WP" width="100%" palette="financial-light"]

Bribery and corruption concerns drive 650% increase for regtech AI know your customer checks within banking

22 august 2023

A new study from Juniper Research has found that the total number of KYC checks for banking, conducted using AI, will reach almost 175 million globally by 2028; up from just over 23 million in 2023.

The demand for regtech solutions is increasing across not only financial services, but also industries such as healthcare and cybersecurity, as continuous verification of identities becomes fundamental in preventing financial crime and non-compliance. One example of this is the rise of virtual GPs and ePharmacies. Here, it is vital for KYP (Know Your Patient) verification to be employed, in order to prevent fraud, such as identity theft and financial exploitation. By implementing these KYC verifications, businesses can avoid fines for failing to carry out customer assessments.  

Regtech Solutions Essential for Cross-border Business

The report encourages cross-border businesses to adopt regtech solutions in order to reduce risk across different regulatory jurisdictions. As multinational companies expand into new regions, they are faced with a fragmented regulatory framework comprising jurisdictional differences across varying markets. Failure to meet compliance demands can lead to businesses facing penalties; resulting in serious economic and reputational consequences. The recent emergence of “Failure to Prevent” offences specifically target organisations to hold them accountable for failures in their compliance system. Implementing regtech solutions enables organisations to defend themselves from this type of allegations.

AI and Machine Learning Reducing Compliance Burdens

The report found that innovative vendors are using AI and machine learning to decipher email and phone call data to identify bad actors across organisations. This is vital as lawmakers and regulatory bodies are cracking down on bribery and corruption offences, which severely undermine fair competition and contribute to slow economic growth.

Juniper Research recommends that as businesses expand their operations and move into new regions, they deploy AI-powered regtech solutions to automate monitoring of regulatory compliance; reducing manual checks being required and overall risk.


Find out more about the new report: Regtech: Market Forecasts, Trends & Strategies 2023-2028, or download a free sample.

Adauga comentariu

Cifra/Declaratia zilei

Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:


In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?