This partnership enables the payment provider to add complimentary compliance services such as KYC, document verification, and PEPS/Sanctions. Furthermore, Sphonics Workflow Manager (WFM) provides Know Your Customer (KYC) and document verification capabilities to SafeCharge to meet the growing needs of regulated gaming businesses and CFD brokers, and to be prepared for a changing regulatory landscape, including PSD2 and the 4th AML Directive.
A Thomson Reuters 2016 Know Your Customer Survey revealed that ongoing regulatory change is the leading challenge around KYC: 87% of banks and 75% of investment managers believe regulatory and legislative change is the most influential factor for their KYC processes.
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