back Back

Why do challenger banks ignore sanctions screening for new customers?

By Puja Sharma

August 23, 2023

  • AML
  • AML Compliance
  • Anti - Money Laundering
Share

Recent survey data reveals challenger banks show a concerning lack of commitment when it comes to screening new customers against sanctions or politically exposed persons (PEP) lists. Only a quarter (24%) say they always verify new customers, while more than half (54%) also freely admit to performing such checks only “on occasions”. The comprehensive survey […]

This article can only be read by subscribers. Subscribe to IBSi Premium or Sign in

Get access to IBSi Premium

IBSi Daily News Analysis + monthly IBSi FinTech Journal

Daily insightful Financial Technology news analysis

Weekly snapshots of industry deals, events & insights

Weekly global FinTech use cases

Chart of the Week curated by IBSi’s Research Team

Monthly issues of the iconic IBSi FinTech Journal

Exclusive invitation to a flagship IBSi on-ground event of your choice


£19.99/monthly - Subscribe Now!
Previous Article

August 22, 2023

There is no slowdown in Neobank’s growth, research reveals

Read More
Next Article

August 23, 2023

Here’s how DeepTech could change the Indian B2B SaaS industry

Read More





Weekly Case Study

Chart of the Week

FinTech insights exclusively curated by the IBSi’s Research Team

Other Related News

Today

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

June 20, 2024

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

June 19, 2024

EMEA faces $85bn annual financial crime compliance costs, study shows

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023