KYC Automation for High-Volume FX/Crypto — Cost vs. Compliance Risk
For those managing large-scale retail FX or crypto platforms, particularly those with global reach, what's your experience balancing the need for robust, multi-jurisdictional KYC/AML compliance with the operational costs of fully automating these processes? We're looking at solutions that integrate various ID verification and sanctions screening databases, but the licensing fees and development overhead for true end-to-end automation can be significant. Curious about the tipping point where the cost of a comprehensive, automated system outweighs the potential fines and reputational damage from manual process gaps, or if the investment is just seen as table stakes now. Are certain jurisdictions driving this more aggressively for you?