Why Perpetual KYC and Quality Data Are Good for Compliance
Understanding change rates and accelerating due diligence to unlock efficiency gains and improve risk management
Perpetual KYC (P-KYC): A huge potential?
Download the report today to discover:
- Analysis of data from thousands of UK businesses, to demonstrate the real rate of change in directors and Ultimate Beneficial Owners (UBOs).
- The benefits of P-KYC over traditional reviews.
- How to reduce false positives to save valuable time and resource.
- How to elevate your approach to KYC.
About the report
P-KYC is by no means a new phenomenon.
FATF and European Money Laundering Regulations have been encouraging firms to move down this path, including direction on scrutinising transactions, conducting ongoing due diligence, and reviewing existing records throughout the course of the relationship with a customer or other third party – not just when onboarding them.
P-KYC has huge potential to improve the accuracy of due diligence efforts and mitigate risk through better understanding of control and ownership, and to increase efficiency of screening, amongst many other benefits for compliance teams.
Yet P-KYC so far has not managed to become fully embedded, or the norm. Many of the benefits have – up until now – not been grounded in data and so firms are hesitant to make the move.
That's why we have analysed real data from thousands of UK businesses to demonstrate the rate of change and showcase why PKYC, intelligent technology and quality data are a match made in heaven.