Using technology to overcome KYC & CDD challenges

Ensuring KYC and customer due diligence in an age of mass technology use and onboarding has become vital. How can technology help in this area?

In a recent presentation, KYCPortal founder and CEO Kristoff Zammit Ciantar detailed how technology can help overcome challenges in the area of CDD and KYC.

What is KYC? Ciantar provided an explanation, “KYC is a simple term for a very complex process. The term KYC is often misinterpreted or it is used in the wrong context, because it is often associated with the data check checking whether the customer or the subject is involved in any involvement, political exposure, sanctions or adverse media.

“However, the actual meaning of KYC is much broader. In fact, the KYC, KYB, KYP is the process of due diligence that one conducts on any relationship, any business relationship, whether it’s an individual, with a sector, corporate client, whether it’s onboarding suppliers, affiliates operator and it’s a process that is quite costly and time-consuming for any operation not only in regulated industries, like banks or financial institutions, because it’s imposed on them based on the regulation.”

What technologies could play a key role in dealing with KYC and CDD process in the future?

To listen to the whole presentation, enrol in the Professional RegTech Certificate.

About the Professional RegTech Certificate

The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators’ perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.

The course stands out from others by providing a holistic view of the RegTech landscape, combining real-world case studies with insights from leading-edge RegTech innovators and senior leaders from financial institutions.

You can enrol here.

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