KPMG's Customer Due Diligence Managed Service solution KPMG's Customer Due Diligence Managed Service solution KPMG's Customer Due Diligence Managed Service solution

Financial institutions spend an average of $48M a year on KYC/CDD operations with some major financial institutions spending $500M annually, yet many struggle with inefficient and ineffective delivery centers while non-compliance fines are on the rise¹. 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:

• Process Inefficiencies
• Fragmented Data
• Minimal Technology Investments
• Negative Customer Experience
• Labor Intensive Operations
• Limited Controls

KPMG's KYC/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. By leveraging KPMG's KYC/CDD Managed Service model, financial institutions can:

• Lower their cost of compliance, deliver consistent quality and improve the client experience
• Anticipate and prevent the conditions that prompt increased government scrutiny and the possibility of lengthy investigations
• Avoid costly remediation to repair identified deficiencies, freeing up resources for other customer focused initiatives.