Anti-money laundering (AML) regulations are a moving target, with financial firms struggling—and spending time and money—to keep complying. Know Your Customer (KYC) processes, consequently, are a priority focus for senior managers, who would prefer a more cost-efficient approach.
The answer? Transforming the KYC function to maintain AML compliance, manage costs and deliver a more effective customer experience. Accenture’s report, "The Best Defense is Good Compliance: Know Your Customer Transformation," describes our six-phase transformation process that offers benefits beyond mere compliance.
Six steps to KYC transformation
Financial institutions working to transform their KYC function can divide their effort into six phases that ensure key challenges and risks are addressed.
Here are the six steps a firm can take:
Together, these steps can help institutions manage rising costs, regulatory compliance and customer experience. Among the keys to an effective transformation? Employing industry disruptors, such as Machine Learning, unstructured data analysis and cloud-based KYC tools to stretch a firm’s resources and open the door to new approaches.
After the transformation
When firms complete their KYC transformation, what can they expect? For starters, their operations should be more streamlined and technically sound.
But that’s just the beginning. Other benefits could include:
- More capacity to expand product offerings
- Higher customer satisfaction
- An enhanced, more trustworthy reputation
- Better honed insights into the firm’s own risk portfolio
Financial institutions embarking on this transformation process can go it alone, but Accenture can help. Our extensive experience can support firms from start to finish—or anywhere in between.
Why not seize this opportunity to take a challenging requirement and transform it—into not just a better way to comply, but a process that yields new business benefits? Contact Accenture and get your KYC transformation under way.
* "U.S., EU fines on banks' misconduct to top $400 billion by 2020: report," Reuters, September 27, 2017.