Overview

KYC is the cornerstone of financial crime and compliance programs, and getting it wrong can have far-reaching consequences across an entire organization. Achieving effective KYC, however, is no easy task — it is often hindered by inconsistent data, disconnected teams, and manual processes that result in unreliable decisions and outcomes. Fortunately, advancements in technology offer a better way forward. By enhancing data clarity, streamlining consolidation, and integrating perpetual KYC (pKYC), organizations can significantly improve oversight and decision-making. Technology plays a key role in enabling pKYC by breaking down team and data silos, ensuring customer activity, behavior, and relationships are fully considered for a more comprehensive understanding of risk. This holistic approach empowers institutions to manage both risk and reward more effectively.