Remediation is often required retrospectively if shortfalls or failings occur during an initial customer onboarding. This can often place a business in breach of their compliance requirements and regulators will require these to be remedied as a priority. Most AML/CFT regimes around the world require a robust KYC process. In New Zealand, requirements are found in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Non-compliance can lead to financial or reputational damage, fines, or even imprisonment. Comprehensive and up to date customer data also means it’s easier to identify potential threats sooner, so you can take steps to minimise your risks.