2022 KPMG U.S. Technology Survey Report
Tech maturity leaps forward as enterprises navigate uncertainty
SERVICE
Know Your Customer (KYC) is a core financial crime requirement. Financial institutions spend an average of $150M a year on KYC operations, yet many struggle with inefficient and ineffective delivery centers while non-compliance fines are on the rise1. Leaders at major financial institutions have increased their focus on reducing the cost of compliance by improving the efficiency and effectiveness of KYC operations.
Despite huge levels of investment, poor execution remains the reality for many organizations. It often comes down to its multi-faceted and cross-functional nature – the complexity of execution makes it difficult for organizations to identify where their problems lie, and how to solve them. Challenges include:
In this environment, leaders need to consider a new approach to KYC compliance—on demand services. KPMG Know Your Customer On Demand leverages our experience of working with clients around the globe to bring structure and clarity to this challenge and deliver:
Customer due diligence (CDD) is at the heart of preventing financial crime. But getting it right is complex. Effective CDD policies, procedures, and processes provide the critical framework that enables financial services providers to comply with regulatory requirements including monitoring for and reporting of suspicious activity.
KPMG Know Your Customer On Demand can help your organization bring down its related costs by reducing much of the manual operations by:
Increasing productivity with decreased rework and an improved client and employee experience.
Anticipating and preventing the conditions that prompt increased government scrutiny and the possibility of lengthy investigations.
Avoiding costly remediation to repair identified deficiencies, freeing up resources for other customer-focused initiatives.
Our combined Anti-Money Laundering/KYC domain knowledge, technology, data, and operational excellence can help deliver scalable and cost-effective services, so you can focus on your business. Download our Know Your Customer On Demand brochure to learn more.
