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In a business transaction, knowing one’s client, customer or consumer has always been crucial. Establishing mutual trust and understanding has long been a prerequisite for successful and long-lasting business partnerships. However, the growing incidence of financial crime, especially fraud and money laundering, prompted the established practice of KYC as it exists today.

We have made a significant leap from the analog era to the digital age. Not too long ago, the concept of exchanging messages instantaneously across continents was unimaginable. Today, we can effortlessly consume vast amounts of data from across the globe.