Know Your Customer

KYC is a set of regulations, guidelines, policies, and processes that aim to prevent banks and financial institutions from being used, intentionally or unintentionally, by criminal or terrorist organisations. KYC enables banks and financial institutions to better understand their customers and their associated financial dealings.

KYC has a high level of focus globally for organisations operating in the banking and finance sector due to the challenges faced in performing KYC activities and achieving KYC compliance. There are a number of factors contributing to this situation, they include:

  • Complicated regulatory framework made up of a varying country and region-specific measures which are increasing in volume year on year.
  • Poor customer experience for individuals and businesses engaged in KYC
  • High regulatory oversight which creates a risk of financial and reputational damage from non-compliance.
  • Shortage of qualified and experienced human resources.
  • Disjointed approach to KYC technology systems across the sector.

By applying an independent and vendor neutral approach, Actensa is able to help our clients address their KYC challenges across the people, process and technology domains. We achieve this through supporting our customers in performing:

  • Assessments
  • Roadmaps
  • GAP Analysis
  • Technology solution evaluation and selection
  • Implementation