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.
If KYC is a focus area for you, aspects of this will be addressed at The Financial Crime Summit on 7 September. Book your ticket today.