KYC Remediation

How KYC360 Supports Complex Remediation

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Remediating KYC data for existing customers is a near-constant task for many financial institutions either because they have identified out of date KYC information, or because they have been compelled to undertake remediation by an auditor or regulatory body. 

What is KYC Remediation?

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.

The challenges of KYC Remediation

 Whatever the position KYC remediation is an onerous and time-consuming task for the following reasons:

  • Identifying the customer relationships requiring remediation is a major challenge for businesses that do not have automated in-life monitoring technology.
  • In most businesses remediation is a manual exercise, done piecemeal by email and letters. It is a drag on staff productivity and morale.
  • The customer’s motivation to supply fresh KYC information is lower than when they’re being onboarded requiring more chasing and correspondence. Some customers are very irritated by the process.
  • 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.
  • If not outsourced, it becomes an extra task for staff who are already busy on other duties. It is rarely high priority and is therefore almost always behind schedule.

How KYC360 helps automate Remediation

KYC360’s integrated full-service solution automates customer remediation to provide you with peace of mind that KYC information for your entire customer base can be remediated. If connected with KYC360’s CLM solution the remediation capabilities of KYC360 will permit perpetual KYC even for complex customer relationships delivering massive operational efficiencies and a happy KYC refresh process for your customers that will distinguish you from your competitors.

 

How we help Remediation

Utilising KYC360 for complex Remediation projects

KYC remediation projects can be complex, time-consuming, and resource-intensive, especially when dealing with large volumes of customers or stringent regulatory requirements. Ensuring that KYC data remains accurate and compliant requires a structured approach that minimises disruption to both customers and internal teams. 

A key use case of the KYC360 Onboarding solution is enabling businesses to identify and update outdated KYC records efficiently. Organisations can take an automated approach to remediation, reducing manual effort and improving data accuracy. 

When used alongside the KYC360 platform’s Customer Lifecycle Management (CLM) solution, data remediation becomes a seamless part of ongoing risk management, ensuring that even complex customer relationships remain up to date while enhancing customer experience. 
 

Access a world-class partner ecosystem

We know that complex remediation projects require the right blend of technology, expertise and operational support. That’s why we work with trusted partners like Accenture, Ankura, Publicis Sapient, Vantage and many more who bring deep industry knowledge and scalable resources to support your remediation efforts efficiently and effectively. Whether you need support with people, processes, or technology, our partner ecosystem is here to help. 

 

Learn more about Remediation

For further details on remediation and the best practices to follow read our "Definitive Guide to KYC Remediation" or watch the video below. 

 

KYC360 Platform Core Solutions
Our
complete KYC360 platform

The KYC360 platform is an end-to-end solution offering slicker business processes with a streamlined, automated approach to Know Your Customer (KYC) compliance. This enables our customers to outperform commercially through operational efficiency gains whilst delivering improved customer experience and KYC data quality.

Consolidate your system stack and data vendor relationships with one platform to cover all Onboarding, Screening, Perpetual KYC (pKYC) and CLM tasks, with market-leading data sources pre-integrated under a single license agreement. Live risk scoring and automated data collection enables a shift from periodic to event-driven review, while providing a single actionable picture of real-time risk with all documents and data in one place.

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