Adapting to Geopolitical Risk and Real-Time Know Your Customer Challenges

Traditional periodic reviews at one-, three-, or five year intervals are increasingly seen as outdated and ineffective at identifying financial crime risks in real time. Participants agreed that periodic KYC provided a structured approach to compliance, but it fails to capture risks between the review cycles. pKYC, by contrast, is designed to be more responsive to changes in customer behaviour, ownership structures, and transactional patterns. One participant said: “Something closer to real time than one-, three-, five-year periodic reviews would get you so much closer to knowing your customer than you get at the moment."

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