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In recent years there has been a lot of talk about Perpetual KYC and while regulated firms are keen to move away from the inefficient, costly and time-consuming periodic review processes, very few of them have made much progress with reducing this burden.
Due to recent legislations and the huge cost of AML/CTF breaches, it is now imperative to monitor changes to customer circumstances on an ongoing basis. As everything changes, including the companies regulated firms do business with, potential business risks can arise from status and event changes of existing customers.
For most companies the high resource burden of manual KYC refresh means infrequent, periodic or non-existent checks. Banks typically prioritise their 1 year review cycles for their high-risk customers but hardly ever complete their 3 and 5 year cycles for medium and low-risk customers respectively.
Join us on 9 September and learn about:
- the potential benefits and challenges associated with adopting Perpetual KYC
- the obstacles to transition away from periodic reviews
- how close is the financial world to achieving Perpetual KYC?
- ways to obtain relevant and legally authoritative documentation to support your client data