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Managing financial crime in an innovative way

Managing financial crime in an innovative way

Using analytics and an end-to-end service to deliver a great experience for every customer.


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Tough rules to prevent financial crime mean banks need to take customer due diligence seriously. Failing to meet ‘Know Your Customer’ (KYC) regulations can have grave consequences – even the withdrawal of a bank’s licence to operate. For our client, this was a top of the house strategic issue. 

The bank needed to complete full due diligence on hundreds of thousands of SME customers within a short period of time set by the regulator. Missing the deadline would threaten the bank’s overall market position.

The bank’s goal was to do more than meet the deadline. They wanted to do this in a way that moved away from a ‘tick box’ compliance-led process, to having a deep insight into the customer’s financial crime profile - in a way which created a great experience for every customer. 

KPMG worked with the bank to co-create an innovative, practical solution which provided an end-to-end service to perform KYC reviews, including setting up a dedicated operation centre.

The solution, one of the first of its kind in the market, has three components:

  • A ‘document ingestion’ tool to machine-read documents and extract data from existing customer documents to pre-populate, as far as possible, an electronic KYC form for each customer. 
  • A portal within the bank’s internet banking system gives each customer access to their form. A tailored request for further information from the customer ensures they are also able to submit details over the telephone. 
  • Finally, a workflow system brings all documentation for each customer together in one place so approvals can be made efficiently and with the right information. To enable rapid deployment, the whole lot runs in the cloud.

KPMG is now delivering this innovative solution through our customer operations centres in the UK, India and China, where our skilled staff are interacting directly with the bank’s customers and helping to manage the overall KYC review process. 

By capitalising on digital technologies, we’ve made the task of validating hundreds of thousands of customers in such a short time achievable, helping to safeguard an important segment of our client’s customers. We’ve also used technology to transform the experience for customers, turning what could have been a time-consuming and exasperating exchange, into efficient, personalised contact. 

In short, KPMG has worked with the client to deliver the kind of experience that will help keep customers close rather than driving them away.

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