Financial CrimeCast: KYC Transformation – From Dream to Reality, Part One

Part 1 of a two-part series examining KYC transformation through automation, in conversation with Dalbir Sahota, VP of Bankers Almanac: Financial Counterparty KYC with Accuity. Listen to Part 2 here.

KYC starts with a question that’s seemingly quite simple – Who is my customer?

Yet as anyone in the compliance field knows, the devil’s in the details, and effective KYC demands that institutions manage a great number of details. In practice, this often means financial institutions rely heavily on manual processes, human labor and unstructured data to validate and document their customers and counter-parties.

More recently, many financial institutions have pushed to overhaul elements of their KYC programs, bringing in automation and reducing manual tasks in an effort to drive down cost and increase consistency.

The benefits of KYC automation can be powerful, from greater efficiency in customer onboarding to better intelligence flowing into financial crime compliance programs. But transforming KYC through automation also poses numerous challenges – From data shortcomings, to business silos, to cultural factors. Where should institutions start, and what does an ideal, automated KYC program even look like?

In this special 2-part series, compliance expert Dalbir Sahota answers those questions and many others as he explores how to bring KYC transformation from dream to reality.

Part 1 examines the factors driving increased pressure on KYC programs, gives examples of “low-hanging fruit” when considering when and how to automate, and dives into considerations around data quality and management.

Listen to Part 2 Here

About the Presenter:

Dalbir Sahota has over 15 years’ experience working in investment banking operations transformation covering the domains of client data, foreign exchange services, derivatives middle office and KYC/CLM. Dalbir is currently VP of Bankers Almanac Risk and Compliance product propositions globally for Accuity. These products help organizations to detect and understand the regulatory and reputational risk of doing business with customers and counterparties.