Different types of customers pose different levels of risk to a business. These risks might include potential for money laundering, fraud, or involvement in other criminal activities. A company’s risk appetite refers to the level of risk it is willing to accept.
A high risk appetite may allow a company to serve more customers or types of customers, but could lead to more exposure to potential financial and reputational harm. Conversely, a low risk appetite could protect the company, but may limit its market. Therefore, in terms of KYC compliance, understanding a company’s risk appetite helps it decide which customers it will do business with and what sort of due diligence it needs to do.
In this webinar, we were joined by Corinna Venturi, Director of Financial Crime at Cosegic. Corinna explored the ways in which we can achieve best practice KYC (Know Your Customer) compliance.
