From Periodic to Perpetual KYC: Overcoming the stubbornly difficult problems of traditional KYC

The fundamental blueprint for KYC has led to a substantial amount of labor with an incongruous mixture of mind-numbing routine review and the fear of the consequences of missing critical incidents. It has been stubbornly difficult to automate these tasks due to the high variability, unstructured information, research, outreach, and judgment – until now. Perpetual KYC (or pKYC) has been discussed for years. If done right, it has the potential to greatly improve on the status quo, with PwC estimating upwards of 60-80% cost savings, not to mention other benefits like fewer touchpoints, faster customer responses, and stronger employee experience. Join this session to learn:

• Why manual, periodic KYC is such a problem
• What it means to transition from a traditional, periodic KYC model to a perpetual, continuous, and dynamic approach to KYC driven by AI and automation
• How continuous monitoring can surface true risks that impact the business