Digitally Transform KYC Remediation in 2021

The BFS customers are moving virtual to get onboarded as new customers or renew their existing customer profiles through KYC. Due to poor data quality (data entry), Banks and FSs need strong Know-Your-Customer (KYC) programs that adopt a risk-based strategy.

In addition to the above, over the past eight months, 13,000 companies have entered into administration or become insolvent just in the UK. For compliance officers and business leaders, it has never been more important to understand who their customers are, their circumstances, and to ensure that the data they hold on them is sufficient, accurate, and up-to-date. 

Delivering efficient KYC Remediation projects (to check existing customer base) will be a key priority if the BFS entities want to future-proof their compliance and business in 2021 and beyond.