Research – Why 4 in 10 businesses abandon banking applications?
200 companies took part in this survey which tool place after the Chancellor of the Exchequer announced a £330bn rescue package to help UK companies through the Coronavirus situation.The results also show that companies plan to prioritise spending on cybersecurity over anti-financial crime compliance. Indeed, over 80% of firms said they were confident in their understanding of exposure to financial crime with the appropriate processes being implemented.
However, when looking at the data, just over 40% of them said they did not regularly put customers and suppliers through formal KYC processes and 60% of them hadn't trained their collaborators on how to be compliant with the Fifth Money Laundering Directive (5MLD)
You can read the full research and more here.