KPMG estimates that US banks alone spend $25 billion per year on AML compliance. https://home.kpmg/xx/en/home/insights/2019/03/combating-financial-crime-fs.html …pic.twitter.com/AY7QOgTT31
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The KYC/AML industry is another example of power & money moving from banks to exchanges. 1) Government enacts strict new regulations 2) Banks need help complying with new rules 3) Exchanges buy companies that provide this help
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power & money to regtech entrepreneurs. structural bull market on rules & regs; code eats human capital-heavy compliance teams and pan-industry redundancies. also, ground zero for convergence of traditional & digital assets.
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Refinitiv and IHS Markit both started KYC utility businesses in 2014. Both had partnerships with a host of investment banks and asset managers to create a repository of customer KYC data to reduce replication across organizations. They haven’t lived up to potential yet.
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Also massively margin dilutive to core exchange ops
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