pKYC: Turning a cost-centre into a strategic advantage

pKYC: Turning a cost-centre into a strategic advantage

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pKYC: Turning a cost-centre into a strategic advantage

08 Nov 2024
Main Stage
Main Stage

Best practice case study

Perpetual KYC (pKYC) is revolutionising the know-your-customer process by enabling financial institutions to transform compliance from a cost-centre into a strategic advantage.

Traditional KYC approaches struggle to keep pace with modern money laundering activities, often overwhelming resources, increasing operating costs, and straining internal controls. A static KYC process risks delayed identification of suspicious activities, which is critical as KYC is integral to all stages of an anti-money-laundering (AML) program, including transaction monitoring, SAR filings, and sanctions screening.

In contrast, pKYC ensures important changes are investigated promptly rather than waiting for fixed refresh dates. It avoids unnecessary reviews for clients with no changes, focusing efforts where they are most needed. By continuously monitoring and reacting to events as they occur, pKYC improves customer satisfaction, reduces operational risks, and can lead to revenue-generating activities.

Attendees will gain insights into how adopting pKYC can lead to these benefits. This session will delve into the key components of pKYC, including:

• The role of AI Agents in document processing

• The benefits of continuous customer monitoring

• Practical steps for implementing pKYC in your organization

Speakers
Daniel Hazel, VP International - WorkFusion