The Migration Path to Next Generation KYC/CDD

By Neil Katkov, Head of Risk and Compliance, Celent

Know Your Customer (KYC) and Customer Due Diligence (CDD) are essential requirements in the anti-money laundering (AML) compliance space. They are also the most burdensome and strategic areas Financial Services Organizations (FSOs) face.

Increased speed and efficiency in KYC/CDD are needed to reduce the operational burden of compliance and to support the faster pace of digital financial services. Organizations are looking for new solutions and technologies to support modern AML compliance regulations including holistic AML, risk-based customer segmentation, perpetual KYC and KYC for digital services.

What are some of the key challenges in KYC/CDD processes? What new technologies can support more efficient processes? How far can new technology go in automating AML KYC operations? Artificial intelligence (AI) and machine learning are lending to increase investigation efficiency by reducing false positives. Demonstrated success can already be shown across the AML value chain, and in less than a decade, it’s purely possible KYC/CDD will be 100% automated. But can AI-based decisions be as accurate as human analysis?

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