The People's Victory Journal

The cost of KYC is notoriously difficult to calculate. You have to take into account the manual hours, staff hires, and price of your compliance tools. The average salary of a KYC analyst, for instance, is $55,333/€52,640 per year, according to Glassdoor.

However, a whitepaper published by Consult Hyperion attempted to answer the question with concrete numbers. Here are their key findings:

• A single KYC check can cost between $13 and upward of $130.
• KYC processes cost the average bank $60 million per year.
• In the UK alone, an estimated 25% of customer applications are abandoned due to KYC friction.