Reimagining Know Your Customer (KYC)

In this article, KPMG financial crimes and analytics leaders discuss improvements FS firms can make to optimize and reimagine their know-your-client or customer due diligence processes. Topics include:

• Why financial services firms need to reimagine their existing KYC processes and explore the opportunity for process improvements.
• To what extent should firms tailor KYC to their own risk appetite and how they can calibrate their systems while staying current with ongoing regulatory developments.
• Ways the ‘perpetual KYC’ concept helps FS firms to evolve their KYC functions and the pros and cons for compliance teams of a shift to continuous KYC.
• Advantages in digital identity verification.
• Steps firms can take to make their KYC processes as scalable and efficient as possible and how the introduction of a managed services solution can help optimize operations.
• Advice on how automating the KYC function can transition from a purely regulatory business function to becoming a driver of quality.
• Technologies and approaches that will underpin the frameworks adopted by FS firms and predictions for KYC processes in the years ahead.

This article was published in Risk & Compliance Magazine.