Case Study: KYC & CDD

Case Study: KYC & CDD

Client

The client is a medium-sized provider of Wealth Management services in the UK. 

Challenge

When this client approached Cenza, they outlined many common challenges faced by financial institutions relating to KYC and CDD Compliance, and regulatory review:

  • Increasing cost of KYC/CDD implementation.
  • Lack of KYC/CDD internal expertise for implementation.
  • Current use of obsolete technology hampering faster on-boarding. 
  • Managing ever-growing requirements from the regulators.

Solution

Our managed solution assisted with the transition of the massive volume of paper records and inadequate on-boarding procedures to provide:

  • Seamless, managed solution for KYC process implementation.
  • Deployed secure & Agile KYC/CDD RegTech tools to handle workflow and screening.
  • Quality KYC framework that complies with the regulatory norms.
  • Deployed a dedicated team of 12 KYC experts.
  • Effective data security to meet global standards.

Impact

Our analytical process and technology solution implemented significantly improved our client's process by: 

  • Timely reviewing the CDD case.
  • Creating a faster on-boarding and compliance process.
  • Reducing false positives with improved accuracy.
  • Saving of 35% on costs.

For a more detailed outline of our KYC process, or to find out how we can assist your institution with KYC and CDD, please leave your details here and we'll get right back to you.

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