Regulation and operational efficiency requirements are driving a move away from traditional Periodic Review (PR), towards real-time, ongoing customer due diligence – also known as continual or perpetual KYC. However, even with the benefits it promises (reduced caseloads, improved customer experience, less costs etc) adoption amongst financial services has been slow.
Unfortunately perpetual KYC cannot be treated as a simple, one-time investment and exercise. It really is a transformational journey that requires complex changes to be made in areas such as data, monitoring and policies.
So where should organisations start?