With laborious onboarding, refresh and remediation processes, the challenge of Know Your Customer (KYC) compliance is continuously growing. Since KYC is outdated almost as soon as it’s completed, you are reliant on static and time-limited data to understand your customer and their risk. By adopting a contextual approach, you can reduce the time and cost of KYC by increasing automation and leveraging decision intelligence for continual monitoring.
- Regulatory pressure and change is growing around KYC and the need to keep customer information continually up to date – existing approaches for ongoing due diligence and risk assessment are no longer fit for purpose
- KYC failings and the lack of real customer understanding was key to many recent large-scale money laundering scandals, including the Russian and Azerbaijani laundromat schemes. Effective context would have spotted warning signs and red flags earlier and faster.
- Entity resolution and network generation are the most effective way to build context – while also bringing cost savings and efficiency gains for organisations who adopt a continuous KYC approach
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