KYC Remediation: Mistakes and Best Practices
Regulators across multiple jurisdictions have turned their attention to the Know Your Customer (KYC) and Customer Due Diligence (CDD) files of existing bank clients. Once in the crosshairs of a regulator, a bank needs to act quickly and decisively—often in the face of an imminent deadline.
Common mistakes banks make when initiating a remediation project include putting the burden on clients, recruiting expensive, untrained staff, trying to build a file with patchwork data, and relying on manual processes.