Know Your Customer verification
Know Your Customer verification requirements are landing squarely on technology and AI companies, as the Financial Crimes Enforcement Network and the European Banking Authority have both extended KYC obligations into digital asset platforms, AI-driven payment services, and marketplace intermediaries operating at scale. The U.S. Treasury Department's beneficial ownership reporting rule, now in force under the Corporate Transparency Act, is pulling in a wide range of tech-sector entities that previously sat outside traditional AML perimeters. Compliance teams are currently auditing third-party onboarding workflows and customer due diligence documentation against these expanded definitions before examiners arrive.
Watch
- FinCEN beneficial ownership reporting deadlines for tech-sector legal entities under the Corporate Transparency Act
- EBA guidance on KYC obligations for AI-enabled payment and lending platforms in the EU
- Enforcement actions against digital asset exchanges for inadequate customer due diligence programs
- Whether marketplace platforms qualify as "financial institutions" under pending FinCEN rulemaking
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