The future of KYC Managed Services

The future of KYC Managed Services

As regulation in the global financial services industry has been a major focus in recent years, non-compliance has resulted in serious financial and reputational implications.

Customer Due Diligence (CDD), Know Your Customer (KYC), Transaction Monitoring PEP Screening are some of the key processes that financial institutions must have in place in order to mitigate risk and satisfy regulators as well as investors.

What developments can we expect from Managed Services in future?

  • Significant investment in technology to improve operational efficiencies to meet the needs of FSIs.
  • Adaptive, full service KYC model versus a simple data play.
  • Improved tech capabilities that incorporate emerging technology like blockchain, AI and machine learning.
  • Increased leveraging of emerging technology — such as blockchain for KYC and the efficient management of digital identities — to further enhance efficiency and cost-effectiveness.
  • The opening up of government-owned information sources to the private sector to facilitate more comprehensive and accurate KYC and AML checks and processing.

Some institutions struggle to find the right resources to support their AML/KYC programs, which may be based on inefficient or manual processes.

Cenza’s Managed Services provides flexible options to help fulfil your regulatory obligations effectively and efficiently, get in touch to find out more about how we can help your company streamline your processes.

Managing Privacy Risks in eDiscovery

Managing Privacy Risks in eDiscovery

Case Study: KYC & CDD

Case Study: KYC & CDD