Client Profile:

Our client is one of the world’s largest financial institutions providing investment banking, asset and wealth management services to large-scale corporate and institutional businesses globally.

The Challenge:

The KYC client review process is integral to achieving perpetual compliance with anti-money laundering (AML) and know your customer (KYC) regulations. Clients are reviewed based on their previous risk classification to determine and validate the level of risk they pose to the bank. This riskbased approach also ensures the bank remains compliant with local and global regulations. However, for our client, the KYC review process was manual, inefficient and costly, requiring vast amounts of resources across multiple departments to complete. On average, it took 27 hours to complete the KYC review process for a single medium risk client.

Fenergo Solution:

Our client selected Fenergo’s Client Lifecycle Management solution to automate the KYC client review process. The bank decided to continue reviewing high-risk clients that require human expertise manually…

To read more about the success of this Automated KYC Reviews implementation, please download the case study.