- FINANCIAL SERVICES Use Case
STREAMLINE KYC & AML COMPLIANCE
How Profisee can help financial services organizations streamline and accelerate KYC & AML compliance
Streamline KYC & AML Compliance
As simple as it sounds, know-your-customer (KYC) and anti-money laundering (AML) compliance is often highly manual, complex, costly, and slow. By reliably bringing together data about customers, trusts, partnership & investors from multiple internal DATA DOMAINS Customer, Reference Data & Codes TEAMS IMPACTED BUSINESS PROBLEM Customer, Reference Data & Codes MDM IMPACT and third-party sources, Profisee speeds KYC compliance and reduces AML false-positives.
Data Domains
Customer, Reference Data & Codes
Business Problem
Excess costs, delays, churn, compliance risk
Teams Impacted
Customer, Reference Data & Codes
MDM Impact
Trusted, consolidated customer data
Business Problem
Data Strategy
Outcomes Business Problem
KYC & AML is Costly, Slow, Manual
- Customer KYC Onboarding Cost: According to a Fenergo survey in 2022, average KYC onboarding of new commercial customers costs up to $3k and takes 31-60 days to complete or more.
- Customer Acquisition Abandonment: Organizations with lengthy and cumbersome KYC onboarding experience at 30% abandonment rate in new commercial customer acquisition.
- AML False Positives: .Multiple studies have shown that false-positive rates can be up to 95%, requiring costly investigation, reporting, and remediation.
- Cost of Bad Data: According to Harvard Business Review & FICO, up to 75% of AML costs are due to inaccurate or missing data.
- Compliance Risks: In addition to internal costs of KYC & AML, the compliance risk is real: Deutsche Bank was fined $176M in 2023.
Data Strategy
Advanced Automation to Enable Compliance
- Fill In the Gaps: MDM brings advanced automation to aggregate data from multiple internal and external sources to automatically assemble comprehensive customer information.
- Identify Errors: Data quality rules can spot and highlight abnormal values, missing information and bring to the attention of compliance teams.
- Enable AML & KYC Teams: Create intuitive, easy-to-use data stewardship forms for compliance teams to review, guide and correct data with robust automation.
- Continuous Data Quality Monitoring: MDM includes mechanisms for continuous data quality monitoring and validation, flagging inconsistencies and errors for timely correction.
Outcomes
Streamlined Compliance & Risk Mitigation
- Reduced New Client Abandonment: Accelerate KYC processes to speed the client onboarding process and improve the new client experience.
- Reduce KYC Onboarding Costs: Empower client acquisition and compliance teams with complete & reliable data.
- Reduce AML False Positives: Significantly reduce costly AML false positives without incurring additional risk and missing valid AML events.
- Increase Compliance Team Output: With complete and reliable data, compliances team can analyze behaviors instead of search for data.
- Avoid Reputational Damage & Fines: With more reliable data, compliance teams and technologies can do their work efficiently and with confidence.
