Non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations continue to attract the biggest financial penalties in the market, with record-breaking fines being levied recently on some of the world’s largest financial institutions.

In this paper, Joe Dunphy, Fenergo’s VP Product Management, explores the role that KYC periodic reviews has to play in the levying of fines in this area and contends that the big problem with KYC is KYD (Know Your Data).

With one Fenergo client estimating it can take up to 60,000 interactive hours to complete the KYC review process, it is plain to see that the traditional approach of applying brute force to the problem is mired in operational inefficiencies and escalating costs.

Fenergo proposes a new approach to managing KYC periodic reviews.

About the Author 

Joe Dunphy Joe has deep banking and regulatory knowledge and maintains currency of knowledge in this ever-evolving industry by taking an active lead in Fenergo’s Client Advisory Boards and industry roundtables and forums.