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Aug. 02, 2021

Perpetual KYC and the Move Away from Periodic Reviews

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Fast-changing regulations lead to an increase in the cost of compliance for financial institutions, multiplying the risk of financial penalties, as well as subsequent reputational damage. Part of the problem is that KYC is completed and then reviewed on a periodic basis, putting firms at risk of outdated information.

Earlier this week on FinTech Futures, Harinder Sudan, SVP of BlackSwan’s Financial Intelligence Unit explained how firms can switch their KYC to a continuous process where data is tracked automatically and continuously to check for triggers such as changes in customer information, customer activity or risk profiles.

Organisations who switch away from periodic KYC reviews in this way benefit from proactive risk assessment and a seismic reduction in the cost of remediation – as well as peace of mind that they’re complying with regulatory and risk policies.

Read the full article here.