Lourdes Caballes
Associate Regional Director, Division of Examinations, U.S. Securities and Exchange Commission (SEC)
Know Your Customer (KYC), is a crucial component of effective anti-money laundering (AML) processes. Financial institutions must be able to rapidly identify and understand the risks associated with customers in order to limit exposure. However, gathering and analysing KYC data is often a laborious, manual process.
In order to accelerate the processes banks need to implement automation and latest technologies including AI and ML. At the same time, they must be able to satisfy regulatory requirements that all risks are being caught in an effective and timely fashion.
This KYC Deep Dive will explore why effective and efficient KYC processes are essential to tackling financial crime, and how banks can better automate and accelerate KYC practices to mitigate risk.
View the agenda |
Speakers
Implement continuous KYC in order to surface potential risks in real-time
Ensure KYC processes effectively underpin all anti-financial crime activity
Drive efficiency and reduce costs with innovative technologies including AI and ML
Implement effective risk management and mitigation
Develop a gold-standard for CDD and EDD processes
The traditional know your customer, or KYC, process is changing. 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.
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How the Deep Dives work
Private, off the record roundtables are moderated by 1LoD, and attended by delegates from financial institutions who have booked their place in advance. They take place on Zoom. Delegates are sent discussion topics, and an overall structure of the debate in advance to assist the flow of the discussion.
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