Is the Client Lost in Client Onboarding?

As part of the Know Your Customer (KYC) due diligence process, banks and financial institutions (FIs) have a legal obligation to create and maintain a complete and accurate identity profile for each client with whom they do business. But circumstances change over time and client identity information that is not maintained on a continual basis degrades.

We share a recently published whitepaper, discussing recent APAC survey results on KYC and client onboarding by Neil Jeans, Head of Policy and Standards for Thomson Reuters Org ID. Overall, survey results indicated rising costs associated with KYC; a shortage of appropriately skilled staff and the necessary technology to manage a constantly evolving set of regulations; and increased client on-boarding times which slow the pace of business transactions

                               

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