KPMG UK has released a new customer due diligence (CDD) solution that it hopes can reduce the total costs of KYC compliance of up to 40%.
The cloud-based platform, KPMG Smart Customer Due Diligence, leverages third-party integration as a standard, which gives granular management information and a robust audit trail. This empowers the tool to handle the whole CDD end-to-end journey and reduce inefficiencies, it claims.
Its new solution also boasts a data-led approach with a 360-degree view of the customer. It also has an improved customer experience that is powered by an enhanced digital outreach process, omni-channel capability and a dedicated point of contract.
Other key features are the ability for rapid deployment, quality checking and quality assurance, and Integration and configuration with systems for better decision making.
Simon Mansell, KPMG UK Forensic Head of CDD, said, “With organisations’ recovery from the pandemic underpinned by growth and expansion, their risk exposure will undoubtedly intensify as they seek to percolate into new markets. With increasing uncertainty and regulatory oversight in global economic markets, they need to know that all relevant customer information is correct.
“This innovative ‘out of the box’ CDD tool, combined with our operational excellence, gives us the unique ability to build and deliver a high-quality service, giving clients peace of mind as they get back on their feet.”
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