FlexiKYC against societal issues
KYC societal struggles
FlexiKYC: A Modern Solution for Financial Inclusion, Financial Crime Prevention, and Improved Customer Experience"
Setting up a KYC system: a necessity to fight money laundering and financial fraud
It is important to note that figures on the effectiveness of anti-money laundering and combating the financing of terrorism through the Know Your Customer (KYC) system may vary depending on the source and methodology used. However, several studies and international organizations have provided estimates on the financial and social benefits of implementing KYC.
According to the International Monetary Fund (IMF), the amount of illicit financial flows in the world is estimated to be around 2-5% of global GDP, or between $800 billion and $2 trillion per year. The Organization for Economic Cooperation and Development (OECD) estimates that the cost of combating money laundering and terrorist financing is between 0.1% and 0.5% of GDP for OECD countries.
In 2017, the FATF (Financial Action Task Force) notified that money laundering-related activities cost between $800 billion and $2 trillion per year. The losses associated with financial fraud can also be significant, especially for small businesses and individuals. According to the European Union, payment card fraud costs merchants approximately €1.5 billion per year.