The secret to turning continuous KYC into perpetual KYC

Presented by

Neil Isherwood, Dun & Bradstreet | Charmian Simmons, BAE Systems Digital Intelligence

About this talk

Under Know-Your-Customer (KYC) regulatory requirements, banks and other financial institutions are expected to periodically review and refresh relevant information they hold on their customers beyond the initial Customer Due Diligence (CDD) carried out within the initial onboarding phase. However, periodic reviews are cumbersome and allow for windows of change, where criminal activity can stay under the radar for long periods of time. Organisations may be regularly screening the wrong individuals against sanction or PEP lists if they have missed updates to their directors or beneficial owners. Even continuous CDD and KYC remediation – whereby organisations frequently update customer data and profiles – can be inaccurate, is a huge drain on resources and not a good experience for the customer. Now is the time to improve efficiency in the CDD and KYC process, and start using real-time data and alerts to monitor change in firmographics, directors, beneficial owners and transactions. During this webinar we will cover: • Why perpetual KYC is a game changer and what firms might be missing with periodic reviews • How to move to perpetual KYC • The important role data and technology play in CDD and perpetual KYC

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