"We've got endless email back-and-forths with multiple clients. PDFs and attachments everywhere. Out of date spreadsheets. Not to mention late night adverse media search marathons on Google. We're spending so much time on box-ticking that there's none left for actually knowing our customers and managing financial crime risk."

"We've already started implementing a digital onboarding solution, but we have some concerns with higher risk clients. The information we're getting from them is too scant. How did they make their money? What is their business model? Why do they really want to use our services?"

"Half a million accounts contain inadequate CDD information and must be refreshed. I know what that means; expensive teams of KYC analysts trawling manually through documents and data fields to identify the gaps. Millions of emails and phone calls to unhappy customers. The costs will be astronomical."