Stay Compliant with Changing KYC and AML Regulations Without Disrupting Customer Service
Aligning with Know Your Customer (KYC) policies enables financial institutions not only to comply with regulations, but also to reduce the risk of fraud and improve data privacy.
For banks and financial institutions of all sizes, Know Your Customer (KYC) and other anti-money-laundering (AML) regulations have added a new layer of complexity to their operations. What was once a simple, routine process for onboarding new clients has expanded into a web of interdependent requirements, with no clear-cut guidelines on how to meet them.
Why Is KYC Technology So Important?
Keeping pace with these regulations through manual processes is simply not an option — too many nuances, too many changes to keep up with, too high of a risk for error. Fortunately, KYC technology offers a solution, enabling financial institutions to
- Detect possible fraudulent activity in real time
- Standardize data privacy controls
- Eliminate redundancies and inefficiencies in KYC data workflows
- Consolidate KYC data into a single repository
- Fill gaps in data management protocols
Because every financial institution is different, implementing or updating a KYC solution is not a matter of “plug and play.” You need a tailored approach that integrates the platform with your current systems, structure, processes, and geographic footprint as smoothly as possible. With the right solution, configured to the needs of your organization, you can build a consistent, sustainable KYC program that lets you achieve and maintain compliance while delivering quality customer service throughout the onboarding process.
How Can Primitive Logic Help?
Primitive Logic has helped financial institutions of all sizes to achieve ongoing compliance with KYC and other AML requirements. Our experts bring a deep knowledge of KYC technology and experience in designing tailored solutions to their mission of helping your organization reach your compliance goals — and ensuring you’ll be ready for any future regulations that come your way.
Primitive Logic’s approach to KYC begins with a thorough understanding of where you are today, where gaps exist, and what needs to be done to ensure compliance.
- 013 : Assessment : We perform expert diagnostics on each customer touchpoint to fully understand your level of compliance.
- 014 : Strategy : Our compliance roadmap takes into account your business situation, governance, and KYC standards development process.
- 002 : Remediation : We work collaboratively with your team to address issues identified during the Assessment phase.
- 012 : Training : We offer educational support through specialized training, including “train-the-trainer” sessions, and peer programming to familiarize your team with your KYC regulatory obligations.
- 016 : Sustainability : We equip you with the tools and support you need to integrate a sustainable KYC compliance plan, ensuring that you can continue to meet your goals over the long term.
Preparing to Comply with Know Your Customer (KYC) Regulations
Facing potential KYC fines, this bank had only nine months to realign their customer data systems.
We Can Help
Let the Primitive Logic team help you achieve mindful digital transformation.