KYC & AML Client Reviews

by Fenergo | White Paper

Non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations continue to attract the biggest financial penalties in the market, with record-breaking fines being levied recently on some of the world’s largest financial institutions.

In this paper, Joe Dunphy, Fenergo’s VP Product Management, explores the role that KYC periodic reviews has to play in the levying of fines in this area and contends that the big problem with KYC is KYD (Know Your Data).

With one Fenergo client estimating it can take up to 60,000 interactive hours to complete the KYC review process, it is plain to see that the traditional approach of applying brute force to the problem is mired in operational inefficiencies and escalating costs.

Fenergo proposes a new approach to managing KYC periodic reviews.

About Fenergo

Counting 70 global Financial Institutions as clients, its award-winning CLM suite digitally transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes. Fenergo CLM empowers financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions..

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