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24 May 2022

Re-defining know your customer

Re-defining know your customer                        

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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