BeyondFS is committed to broadening the industry debate on key operational topics in financial services and we were delighted to co-host a breakfast roundtable recently with EFI (Efficient Frontiers International) on the topic ‘The battle for efficient KYC: addressing the key challenges for 2022’, welcoming senior leaders from a number of top tier Financial Institutions.
Perpetual or ‘continuous’ KYC formed a significant part of the discussion given the strategic emphasis for many large Financial Institutions to increase efficiency and reduce the cost of compliance. The conversations around the table also reinforced the considerations covered in our recent whitepaper: “Continual compliance: A guide to delivering Perpetual KYC”, which highlighted the key benefits to be gained, challenges that must be overcome and suggested a 3-stage approach to tackle the transformational journey to Perpetual KYC. These steps are outlined below and can support any organisation considering embarking on this transformation journey: