Financial institutions spend an average of $150M a year on Know Your Customer (KYC)/Customer Due Diligence (CDD) operations, yet many struggle with inefficient and ineffective delivery centers while non-compliance fines are on the rise. Leaders at major financial institutions have increased their focus on reducing the cost of compliance by improving the efficiency and effectiveness of KYC/CDD operations.
KYC/CDD operational challenges are considerable. They include:
KPMG's CDD Managed Service solution is designed to help financial institutions reduce the overall cost of the KYC/CDD function by optimizing the manual operations so that the staff can focus on value-add services.
Financial institutions typically spend 1200 minutes to conduct a KYC/CDD client refresh; with KPMG's CDD Managed Service solution, we have been able to reduce processing time to 400 minutes.