BRUNEI DARUSSALAM: Know Your Customer (KYB) In The Digital Age
In recent years, Brunei Darussalam has experienced significant changes in its financial landscape, driven by the increasing adoption of digital technologies. As more businesses and individuals turn to online banking and payments, the need for robust Know Your Customer (KYC) compliance has become essential.
The Cost of Non-Compliance
A recent study found that the cost of financial crime compliance across all financial institutions in APAC has reached $50.1 billion. Firms cited higher geo-political risk, tighter anti-money laundering (AML) and counter terrorist financing (CFT) regulations, and evolving criminal threats as key drivers.
The Challenge of Balancing Compliance with Customer Onboarding Experience
In Brunei Darussalam, where financial services are heavily regulated, the challenge of balancing compliance with customer onboarding experience is a significant one. Manual processes and limited data sources can lead to delays, frustration, and wasted time and money.
A Comprehensive Solution for Financial Services Providers
To address this issue, LexisNexis Risk Solutions has partnered with Know Your Customer (KYC), an award-winning RegTech company, to provide a comprehensive and robust onboarding solution for financial services providers in Brunei Darussalam. The modular solution includes:
- KYC Workspace: Digitizes and automates compliance workflows across multiple offices, business functions, and locations.
- KYC Data: Provides real-time access to local company registries worldwide, including automated data extraction and shareholder identification from official documents.
- KYC Review: Offers live monitoring and perpetual KYC refreshing, ensuring firms remain compliant at all times.
The Benefits of Integration with LexisNexis WorldCompliance Data
The integration of LexisNexis WorldCompliance Data into the Know Your Customer solution gives users confidence in their screening processes, utilizing the most comprehensive, robust, and up-to-date datasets available. This includes:
- Politically Exposed Persons (PEPs)
- State-Owned Enterprises
- Sanctions
- Enforcements
- Adverse Media
Reducing Onboarding Times while Maintaining Compliance
By leveraging this technology, financial services providers in Brunei Darussalam can reduce onboarding times from up to 26 days to less than one day, while maintaining robust compliance with AML regulations. This is essential for success in a crowded market where customer experience is paramount.