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.
Watch our webinar replay to learn about:
Nikhil Manek, MLRO and Director, KPMG
David Pelled, CEO, MLROs.com