KYC remains a significant challenge for financial institutions, despite the considerable investments made over the past years. KYC and AML related fines are still hitting the billions ($18.4 billion in 2019) and annual spend on KYC and compliance costs is into the hundreds of millions of dollars for larger institutions. Pressure from the top of the organisation is mounting on compliance teams to prevent high-profile failures, such as those highlighted by the leak of the FinCEN files.