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.

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1 “Know Your Customer Will Be A Great Thing When It Works.'' Forbes, July 10, 2018