KYC Remediation: Mistakes and Best Practices [white paper]

Persbericht - Regulatory scrutiny obliges banks to re-validate existing clients. Done right, it leads to better customer data and less fraud—but done wrong, it can be the ultimate money pit. Fourthline's new white paper discusses common mistakes and recommends a more cost-effective approach.

Highlights and quick facts:

• Regulators across multiple jurisdictions have turned their attention to the Know Your Customer (KYC) and Customer Due Diligence (CDD) files of existing bank clients
• Once in the crosshairs of a regulator, a bank needs to act quickly and decisively — often in the face of an imminent deadline
• Common mistakes banks make when initiating a remediation project: putting the burden on clients, recruiting expensive, untrained staff, trying to build a file with patchwork data, and relying on manual processes
• Best practices for a successful large-scale remediation process include rewarding clients, improving data quality, and prioritizing cost and time.

Download Fourthline’s brand new white paper, KYC Remediation: Mistakes and Best Practices