Skip to main content Skip to Footer

LATEST THINKING

Can a managed services approach yield a better Anti-Money Laundering and Know Your Customer model?

Boosting AML and KYC efficiency is a priority for many financial firms. Can managed services help?

OVERVIEW

Financial firms are taking a new look at their Anti-Money Laundering (AML) and Know Your Customer (KYC) programs, in light of increased regulatory scrutiny. Institutions need to capture new and more information than ever before.

For some firms, this is translating into a 25 time increase in production volume. The problem is compounded for firms struggling with aging IT infrastructures.

Accenture recommends considering new approaches—including adoption of a managed services model for AML and KYC programs.

DOWNLOAD ANTI-MONEY LAUNDERING AND KNOW YOUR CUSTOMER PROGRAMS: SUSTAINABILITY THROUGH MANAGED SERVICES [PDF]

Institutions need to capture new and more information than ever before.

The managed services advantage

Organizations choosing to migrate to an AML/KYC managed services model can derive significant benefits.


Some businesses encounter traditional challenges as they work to improve their AML/KYC model. For example, their current model might be built on inefficient or manual processes that can’t be sustained at a higher level. Or, program quality might be inconsistent, with insufficient quality checks.

Some institutions struggle to find the right resources to support their AML/KYC programs. Even when the right resources are in place, training programs might be insufficient.

Financial firms using a managed services approach to AML/KYC can gain several advantages that address many of these concerns.

A managed services model can deliver:

  • Reduced costs
  • Better access to talent possessing the right skills
  • Increased scalability and global capabilities
  • Improved quality throughout the AML/KYC program

Transition to managed services

To adopt a managed services AML/KYC model, financial firms can follow these basic steps:

  • Decide on the scope of the effort, and map out a transition plan
  • Cover the key elements that will be needed for the plan, such as standardizing processes, choosing a location and updating training
  • Once the transformation is complete, look for added efficiencies to be gained from ongoing improvement efforts
  • Keep critical issues such as transparency, governance, accountability and data privacy at the forefront.
For more on transitioning to a managed services AML/KYC model, see Accenture’s thought leadership piece, Anti-Money Laundering and Know Your Customer Programs: Sustainability through Managed Services.