KYC remediation can be an onerous and time-consuming task for the following reasons:
Project scope: Identifying the customer relationships requiring remediation is a major challenge for businesses that do not have automated in-life monitoring technology.
Manual process: In most businesses remediation is a manual exercise, done piecemeal by email and letters. It is a drag on staff productivity and morale.
Lack of resource: Few businesses have dedicated remediation teams. If compelled by a regulator, a business may hire a consultancy firm to outsource the exercise. This is colossally expensive and usually of only limited effectiveness.
KYC360 provides advanced technology that tackles the toughest remediation challenges.
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with the KYC60 platform
Remediation typically involves updating or sourcing KYC information held on client files and analysing whether the customer’s risk categorisation is accurate.
In the case of some historic customer relationships a KYC refresh can amount to almost a new onboarding of the customer, as nearly all the information held has to be renewed. In other cases it may only be a few details that need to be confirmed or updated.
Whatever the position KYC remediation is an onerous and time-consuming task.
With KYC360, data remediation becomes a seamless part of ongoing risk management, ensuring that even complex customer relationships remain up to date while enhancing customer experience.
Revolutionised compliance
"KYC360 has completely revolutionised our compliance processes”.
Deep understanding
“The big difference with KYC360 is that their products are built around a deep understanding of the regulatory environment, a knowledge of the industry and our operational environment.”
Seamless implementation
"The seamless implementation of the solution perfectly matched CoinPayments’ operational requirements, facilitating a smooth and uninterrupted transition towards improved onboarding procedures and compliance measures."
Powerful MI
“Rather than going through multiple sources of information and databases, with KYC360 I have all the information I need in a single report.”
Automation
Automate the KYC refresh process, eliminating the need for time-consuming manual efforts
Real-time tracking
Track the remediation process across your entire customer base in real time. Gain insights and keep stakeholders informed about progress
Efficiency
Tackle your existing KYC backlog efficiently with a defined time frame, ensuring that no customer data is left unaddressed
Audit trail
Share detailed information with auditors and regulators, ensuring compliance and transparency