Typical UK bank will waste £10m annually on inefficient KYC checks as AMLD4 regulation comes into force
• Report from Consult Hyperion estimates manual KYC checks cost the average bank £47m a year and are set to soar with the introduction of AMLD4 and AMLD5
• Government-backed eID schemes, offered as a solution to AMLD5, won’t be available to the banking sector for years
• Report recommends mobile identity verification technology to bridge the gap between manual checks and electronic identities