Over the past few years, Know Your Customer (KYC) and Customer Due Diligence (CDD) checks have become increasingly onerous, requiring banks to increase the quantity and quality of data they collect. These are nonnegotiable in the face of rampant organised crime. In the EU, only an estimated 1% of illegal proceeds are seized by authorities, while globally the UN claims as much as US $4.5 trillion may have been laundered in 2020 alone.
