Customer due diligence is at the heart of preventing financial crime. But getting it right is complex.
Know Your Customer (KYC) / Customer Due Diligence (CDD) is a core financial crime requirement. Despite huge levels of investment, poor execution remains the reality for many organizations. It most often comes down to its multi-faceted and cross-functional nature – the complexity of execution makes it difficult for firms to identify where their problems lie, and what the solutions might be.
Typical operational issues can include:
Resulting in low quality financial crime decision-making; costly remediation and regulatory fines; sub-optimal through-put; detrimental impact to customer experience, reputational damage and wider social harm.
KYC/CDD Navigator Solution
The KYC/CDD navigator provides a holistic approach to highlighting the challenges your CDD function faces and helps to identify opportunities for solving them in a simple and organized way.
KPMG has leveraged its experience of working with clients around the globe to bring structure and clarity to this challenge. The KYC/CDD navigator is a simple method of approaching this challenge, and brings focus to the full spectrum of maturity opportunities. It embraces the key components of effective KYC/CDD, whilst considering their sequencing and inter-connectivity. Behind all of this sits defined benchmark standards and industry-wide knowledge of CDD maturity.
The KYC/CDD navigator can rapidly bring clarity to the actions required to transform your KYC/CDD operations. Identified benefits vary by client, but operational efficiencies of 30-40% are not uncommon. These measures can result in higher quality financial crime decision making and initiate an enhanced customer experience, CDD operational excellence, enablement of commercial growth and success.
Let's do this.