Tag: PKYC

In the dynamic landscape of anti-money laundering (AML) efforts, financial institutions are facing intensified scrutiny to stay a step ahead of increasingly sophisticated criminal tactics and rigorous regulatory demands.

The relentless advancement of artificial intelligence (AI) in banking is a game-changer in the ongoing war against financial crime. Financial institutions of every size are turning to AI to bolster their anti-money laundering (AML) capabilities.

In the latest episode of the Fenergo FinTalks podcast, host Dhanum Nursigadoo engages in a thought-provoking conversation with Rory Doyle, Fenergo’s Head of Financial Crime Policy. The focus of this discussion is on a key term in AML compliance: perpetual KYC (pKYC).

Know Your Customer practices in the financial sector have been long-held, with the need to ensure customer compliance a vital pillar of customer processes. In the fast-paced digital age, what with be the role for digital and perpetual KYC?

In a recent post by Encompass Corporation, the company asked whether pKYC (perpetual KYC) will replace traditional KYC refresh processes?

In September 2023, the Financial Conduct Authority (FCA) provided fresh guidance about how to treat Politically Exposed Persons (PEPs). In response to this, businesses under regulation might find it beneficial to revisit their existing PEPs screening systems. This not only ensures alignment with the new directive but also makes certain that the screening process remains both effective and efficient.

KYC practices have been long used in the financial sector. However, with fraud and financial crime more prevalent than ever, is perpetual KYC the evident next step?

In a recent post by RegTech firm Encompass Corporation, it provided an outline of why the cost of inefficient KYC practices can be higher than expected. 

Encompass Corporation has released a whitepaper that details how banks can accelerate digital transformation by moving towards a pKYC operating model.

As businesses deepen their digital capabilities, an orchestration tool becomes vital. When leveraging various tools, systems and datasets, firms need a single location that brings all this together, rather than forcing users to juggle everything.