This month our K2 Integrity experts answered our user-submitted questions on:
- With the increasing growth of e-commerce and illegal websites selling unlawful goods, how can credit card statements be monitored to ensure that no money laundering activity is taking place and that the financial product isn’t being used to purchase illicit and dual usage goods? (6:36-14:57)
- Is a bank’s use of a KYC utility considered relying on a third party for customer due diligence or sharing compliance resources? What are the risks and controls that banks need to consider when relying on a KYC utility during customer onboarding? (15:20-28:27)
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