Reported by PwC Canada Introduction A global North American financial institution faced mounting challenges in its Know-Your-Customer (KYC) operations, including identity verification, customer due diligence, and onboarding. Pressured to modernize and streamline its processes, the organization engaged a consulting team to help reimagine its approach. Through collaborative discussions, the team shared industry-leading practices and piloted […]

Reported by EY The document by EY emphasizes a risk-based approach to Know Your Customer (KYC) refresh programs, tailored to various banking customer types. It suggests aligning refresh models with customer risks, including retail, wealth management, and corporate clients, each requiring different strategies based on complexity, risk, and regulatory requirements. Retail banking leverages digital prompts […]