How are you addressing compliance costs and labor challenges?
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 rise. 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:
- weak lineage between policy, procedures, underlying process, and technology
- highly manual processes
- low quality case outcomes
- ineffective use of technology, data, and analytics.
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:
- enhanced KYC business operations and reduced total cost of KYC compliance
- improved customer and employee experience
- increased risk management and financial crimes compliance.
Where do you go from here?
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:
