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Compliance case studies: Four fraud challenges

What are financial compliance regulations?

Financial compliance regulations set the rules and requirements financial institutions must abide by. If an institution violates these rules and standards they can face fines and even legal punishment. Financial compliance regulations are put in place to maintain confidence in the financial market, protect consumers, control financial stability, reduce fraud and financial crime, and regulate foreign markets. These regulations are supervised and monitored by many different financial enforcers around the world.

Regulators continue to publish guidelines to enhance consumer protection and address safety concerns. These laws are intended to strengthen U.S. measures to prevent, detect, and prosecute fraudulent activity. As fraud increases and fraudsters become more sophisticated, financial compliance is critical to protect both your business and your customers.

Knowing who you are doing business with is the first step to quickly identifying and preventing potential identity theft.


Know your customer protocol


Acquire customer's name, business or legal entity name.


Establish residence or proof of address.


Date of birth for individuals.

ID #

Identify their 14 digit KYC identification number.

How to manage financial compliance

Everyone love's new customers, right? But when it comes to managing compliance requirements, it is essential to be vigilant. When a new customer requests information in opening a new account with your institution, there are many steps to perform to stay compliant.

This is when the Anti-Money Laundering (AML) Know Your Customer (KYC) process begins. Performing a KYC check to verify your customer's identity should be your first step. In this phase, you collect and verify the new customer’s information, while banks and financial organizations review for FACTA Red Flag Rules. 

The next phase is the customer due diligence (CDD) phase. This phase requires assessing the customer to determine if the person or company should be given a low, medium, or high-risk AML rating. If the application poses as a high risk, the customer is not approved. If the application is a low risk, they are approved.

Learn more about financial fraud:

Payment fraud

Catch payment fraud schemes with real-time monitoring.

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Are you meeting anti-money laundering compliance requirements?

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Make sure you know your customer (KYC). It isn't optional.

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Risk management

Fraud risk is real -- manage your exposure to risk factors to mitigate damage and secure servers.

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Financial fraud

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Imagine if you could perform these compliance checks on one platform. 

Transform the way you manage your fraud and identity services. With Experian CrossCore, all your services work together on one platform—so you can catch fraud faster, improve compliance and enhance the customer experience.  

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