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The Migration Path to Next-Generation KYC-CDD

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21 October 2019
Neil Katkov

Financial institutions and other organizations are seeking new technologies to support modern KYC-CDD paradigms.

Key research questions

  • What are the key challenges in KYC-CDD processes?
  • Which new technologies can support more efficient KYC-CDD processes?
  • What factors are supporting the adoption of next generation KYC-CDD technology?

Abstract

Know your customer (KYC) and customer due diligence (CDD) requirements are the most burdensome areas of anti-money laundering (AML) compliance for many firms. Because KYC-CDD processes are central to onboarding and understanding customers, they are also arguably the most strategic area of the AML compliance chain.

Evolution in AML technology and the development of modern KYC operations, far from reducing the complexity of KYC processes, has resulted in ever evolving challenges and an increase in the operational burden of KYC compliance. The use of next generation technologies for KYC-CDD has shown significant progress in answering this need.

This report was sponsored by NICE Actimize, while Celent retained full editorial control.

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