UK businesses struggle to complete anti-fraud checks promptly
Industry News | 04/02/20
More than 100,000 UK businesses have a corporate structure so complicated it would take over half a day for them to complete anti-fraud checks, according to Experian analysis.
Businesses are required to perform Know Your Customer (KYC) checks on their clients to ensure they are not involved in financial crime or fraud. Fraudsters can use complicated corporate structures to hide illegal activity such as money laundering.
Source: Credit Connect
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