Internal KYC Shared Services Utility for Better Customer Experience & Efficiencies

Client Profile:

One of our long-term clients – a large financial institution (FI) headquartered in North America that provides products and services to clients in over 100 markets.

The Challenge:

After a review of its compliance operations, our client identified several areas of inefficiencies related to its internal controls, customer due diligence (CDD) and transaction monitoring processes. Functional and organizational structuring was a key issue for the FI, with each business unit and jurisdiction having its own client onboarding, KYC, regulatory compliance and data teams. In a structure like this, not only is the work duplicated, but very often, each business unit will have its own siloes of client data and documentation that doesn’t contribute to a single view of the client. This approach also inhibits the sharing of attributes across the institution to expedite future compliance and onboarding processes. This caused a lot of friction in the institution’s ability to provide a good customer experience and created a costly compliance operational nightmare.

Fenergo Solution:

In an effort to find a better way to manage compliance for the group, our client undertook a dramatic digital transformational project to radically restructure its compliance program and ensure the highest level of control over its KYC processes…

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

Over the last few years, we’ve seen Anti-Money Laundering and Know Your Customer (AML/ KYC) compliance-related fines soar into billions of dollars for financial institutions all over the world. There is a dawning realization in the industry that the way financial institutions have always managed compliance just won’t pass the muster any longer. This is especially true when we consider all the regulatory changes coming down the tracks over the next few years.

Download Internal KYC Shared Services Utility for Better Customer Experience & Efficiencies