CONTINUOUS KYC OFFERS COST SAVINGS AND EXTENDED CDD COVERAGE, BUT FATF SAYS COMPANIES SHOULD RESPECT PRIVACY RIGHTS
May 1st, 2021
KNOW Your Customer (KYC) maybe a key building block of AML/CFT, but undertaken periodically, it is expensive, can be difficult to manage and can annoy customers, eroding cooperation and hence effectiveness. That is why perpetual (or continuous, or ongoing) KYC has become an attractive option. Based on monitoring systems that prompt KYC checks and deliver KYC data in real time, it avoids the scheduled gaps in time when AML/CFT regulated entities are unsure whether their customer data is current. And by basing changes to KYC on actual changes in activity by ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.