How accurate and complete are your customer files? As regulated institutions face increasing scrutiny on their existing customer data and risk assessment decisions, KYC remediation has become critical to avoiding penalties and lost revenue.
In our latest white paper, Fourthline CEO Krik Gunning outlines the best practices and most treacherous pitfalls institutions face when undertaking a KYC remediation project. Done right, it leads to better customer data and less fraud—but done wrong, it can be the ultimate money pit.
Learn how today’s technology can help you save over 90% of the potential costs associated with remediation.
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 the PDF KYC Remediation: Mistakes and Best Practices
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