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Financial Crime and Know Your Customer Report 2016

KYC 2016 report

With imminent regulatory changes, continuing remediation activities and an ever-evolving technology landscape, financial crime and Know Your Customer (KYC) compliance is an area still in a state of flux.

Drawing on responses from senior executives at more than 20 global financial institutions representing revenues totalling over £500 billion, our survey provides a snapshot of how firms are tackling their compliance challenges.

This year’s findings reveal a clear shift in approaches and behaviours as firms continue to make their way through their regulatory journey. We found that 60% of firms still have remediation activity outstanding, despite almost all of our respondents in 2015 predicting that their remediation activities would be completed within 12 months.

Firms’ boards are now increasing their focus on KYC with the number of firms looking at transitioning to a KYC utility increasing fourfold.

It is clear that KYC and financial crime still represents both a risk and an opportunity for financial institutions. For these risks to be managed and to seize the opportunity, our research and experience suggests that firms need to look beyond short- to medium-term remediation and continue to develop a longer term strategic operating model.    


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