University of Twente Student Theses

Login

The implementation of a financial compliance tool to simplify the finance application process for small international businesses

Ton, Y.C. (2023) The implementation of a financial compliance tool to simplify the finance application process for small international businesses.

[img] PDF
852kB
Abstract:Regulations regarding financial compliance have changed drastically over the last five years. The specific changes are complex and therefore difficult to understand. However, all businesses are subject of the changes, which means the more complex compliance processes must be conducted by all banks and businesses. For small businesses without dedicated compliance departments, this can be an overwhelming and time-consuming task. The aim of this research is to find out if there is a way to simplify this compliance process, by building and implementing a compliance tool for small businesses. Result of the research have provided a structured overview of the CDD and KYC processes needed for financial compliance. With this overview, the complex processes have become easier to comprehend and understand. Furthermore, the research has uncovered multiple limiting factors in banks KYC process. The research further shows that the implementation of a financial compliance tool for small businesses is impossible, since each compliance investigation as conducted by banks is fully individual and custom tailored to the specific case. This is because of the rule-based nature of the investigations, which should be changed to a risk-based nature of investigation for a tool to work.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:83 economics
Programme:International Business Administration BSc (50952)
Link to this item:https://purl.utwente.nl/essays/95306
Export this item as:BibTeX
EndNote
HTML Citation
Reference Manager

 

Repository Staff Only: item control page