KYC Forecast: Re-defining know your customer

Delphine_Masquelier Posts: 12 QUANTEXA TEAM
edited July 2023 in Specialist User Groups

Do you agree that the traditional know your customer, or KYC, process is changing?

In this report, 1LOD is looking at how the core customer due diligence (CDD) and enhanced due diligence (EDD) processes – which are based on periodic snapshots of client data, driven by specific regulations – will need to provide a more continuous, risk-based review of individual and corporate clients in future. And as regulators demand more information about the holistic financial crime risk of clients, rather than simply wanting to see the right data and documentation, banks will have to deploy new technology to spot patterns and activities that are invisible to the human eye.

Let us know what you think and how your institution is taking action (or not) to fit within this ever changing ecosystem.