E-book: The future of KYC
Know your customer (KYC) controls, including customer due diligence (CDD), remain fundamental steps in identifying a customer’s identity, and assessing their inherent level of risk.
Over the years, these measures have been at the centre of preventing criminality and the misuse of services provided by banks and other financial services firms. Today, they also help those in other industries protect themselves from malfeasance and harm.
As we know, criminals are forever seeking ways to evade detection through such controls, and show no hesitation in adopting the latest technology in order to achieve their ends. Those in compliance are tasked with ensuring that they remain in step with bad actors’ adoption of technology, in order to protect their firms.
The problem is that technology is developing at such a pace that this is proving an increasingly difficult task. Take one salient example. It is now easy to create a fake identity online via an identity generator, which can create high-quality images of non-existent people. To say that this is problematic for those looking to confirm a person’s identity is an understatement. The issue, then, is how compliance respond.
This e-book The Future of KYC considers the technological, societal and regulatory developments that are making their presence felt in the KYC space. It considers a number of tools that compliance professionals can use to protect themselves and their firm, as well as practical steps like the triangulation of sources, biometric identification and exploiting technology to their own advantage.
It also questions the traditional story told of compliance, and explores a different narrative that will help compliance professionals view KYC and CDD in a new light. Key case studies are also unpacked as a means of understanding where firms can go wrong.
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About ICA
The International Compliance Association (ICA) is the leading professional body for the global regulatory and financial crime compliance community.
Since 2001, we have enhanced the knowledge, skills and behaviour of over 140,000 professionals in 152 countries either through our internationally recognised portfolio of professional qualifications (awarded in association with Alliance Manchester Business School, the University of Manchester) or through accredited in-company training.