Will Perpetual KYC solve your review process?
Many banks have a backlog of remediation and client files to refresh on top of a timetable of periodic reviews to implement. Ever increasing regulatory focus has meant that Due Diligence standards and record keeping requirements have risen leading to higher demands for EDD.
Perpetual KYC is a term used to indicate an industry objective of moving away from conducting a continual cycle of looking back over client records. Very few banks, however, have been able to reduce this burden successfully.
Whilst firms usually conduct 1-year review cycles on high-risk customers, the 3-5 year risk cycles of medium to low-risk customers has often become a lower priority and are in some cases ignored. This results in significant pressures on businesses to conduct these risk cycles effectively and efficiently to avoid hefty fines from the regulators.
Perpetual KYC may be the answer to banks’ challenges in solving the urgent call for KYC optimisation. But would Perpetual KYC be smart enough to cope with the shifting sands of regulations, and would it bring corporate behaviour in line?
The event covered a wide range of topics and we were delighted on the day to have so much live interaction form our audience in the form of some thought-provoking and challenging questions for our panel of experts.
– Dr. Liliya Gelemerova, Head of Transactions Monitoring & Investigations/UK FIU, Director, Commerzbank
– Nicholas Evans-Rakowski, Head of Compliance, Schroders Personal Wealth
– David Buxton, Chief Executive Officer, Arachnys
– Roger Deane, Financial Crime SME, Momenta
You can listen to the full event here – Download Now.
Webinar discussion points included:
- How to handle your remediation backlogs and avoid regulatory pressures
- How to improve your operational efficiencies without sacrificing regulatory compliance
- How to manage your data to allow for perpetual KYC to become a reality
- How to mitigate the risk of expensive and extensive remediation processes
This 60-minute event is a must listen for all regulatory and compliance professionals in the UK. You can listen to and watch the full event, including all the above points being discussed and expanded upon in full detail by simply downloading our free webinar recording now.