Similarly, the South African Reserve Bank imposed administrative sanctions, whose ramifications even extended beyond South Africa’ s own borders, on the State Bank of India in August 2024. The bank faced a financial penalty that totaled R10 million for failures in customer due diligence and cash threshold reporting obligations. These incidents highlight the critical importance of robust compliance programs to prevent financial misconduct.
Leveraging Smart Technology to Combat Financial Crime As criminals adopt more sophisticated methods, businesses must employ even more advanced technologies to detect and prevent illicit activities. Software solutions like nCino KYC offer comprehensive tools designed to enhance compliance and protect against financial crime.
nCino KYC provides third-party data checks against reputable databases and, perhaps more importantly, secure digital liveness verification, ensuring that individuals are physically present during onboarding processes.
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