Know your KYC - Remediation Prevents Heavy Penalties
KYC and Customer Due Diligence is an important process in financial institutions, critical in preventing organisations from getting involved in corruption and money laundering. The regulatory framework is changing dramatically - companies are expected to know where their risks lie and have strategies in place to deal with them or face heavy penalties.
The purpose of KYC remediation is to verify the identity and information about a client to avoid money laundering and other related financial irregularity, and this is where Cenza’s expertise and experience in process and technology sets us apart from other providers. One of the most common KYC remediation tactics is to screen, verify, and identify customers. Financial institutions often rely on inefficient, outdated and costly processes that do not meet the regulatory and technical demand of today’s practice environment. Regulatory technology can help companies overcome many of these challenges quickly and cost effectively by automating the compliance process from end to end.
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KYC remediation is so vital: in addition to knowing your customer you also need to have compiled detailed information and risk assessments about them. KYC remediation facilitates this as well as ensuring regulatory compliance. Being fully aware of what is going on with your clients is the first step towards being protected against backlash from illegal transactions.
New regulation increases the scope and frequency with which financial institutions will need to conduct KYC remediation and Customer Due Diligence (CDD) checks. Failure to comply brings the risk of substantial fines and increased punitive costs.
Cenza is an experienced business process management provider helping financial institutions comprehensively meet regulatory & compliance requirements while ensuring operational flexibility and efficiency savings.
Why choose an offshore partner for specialist KYC services?
- Efficiency - Up to 40% reduction in Operations cost
- On-demand workforce availability to meet Volume surge
- Faster Due Diligence Decisions for clients, means time savings
- Scalable Tech Solutions to meet Regulatory Changes in KYC.
- Faster Customer On-boarding
- ISO 27001 certified facility with high level of Data Protection
Are operational costs of KYC & AML compliance challenging your budget? Get in touch with one of our consultants to find out how we’re achieving 35% to 50% potential cost saving for our clients.