When knowing your client is a regulatory requirement, it’s critical for financial services providers in the United Kingdom to gather and retain essential facts about every client. The steps involved can make Know Your Client (KYC) regulations a resource challenge.
The Know Your Customer (KYC) Rule requires banks and financial institutions to capture and retain key facts about each customer, and about people authorized to act on behalf of the customer. The ruling introduced new processes for banks to manage, including:
Backbook remediation for all risk profile client types
Developing new-to-bank KYC onboarding practices and incorporating them into “business as usual” activity streams
Scheduling KYC renewals of client profiles
Responding to KYC obligations means banks must keep on top of client profiles coming up for scheduled renewals—in addition to handling standard new-to-bank onboarding procedures.
Keeping up with this new layer of activity can be challenging, and can tap into resources banks may wish to deploy elsewhere. Accenture’s Know Your Client Managed Services eases some of this resource strain, making available several flexible models banks can leverage for help in meeting KYC obligations, managing resource capacity and handling throughput based on the bank’s needs and directives.DOWNLOAD KNOW YOUR CLIENT MANAGED SERVICES [PDF, 637KB]