Breaking the Remediation Cycle: How KYC Reviews Can Help

Financial crime in banking is a growing concern globally, with the volume of new businesses incorporated in the UK more than doubling over the past decade. To combat this issue, Experian and PwC have formed a unique partnership to transform existing Know Your Customer (KYC) approaches from manual checks to automated operations.

A Unique Partnership

The joint effort brings together Experian’s data expertise and PwC’s industry and regulatory experience to provide market-leadng practices enabled by innovative technology. This partnership aims to help financial institutions reduce manual checks, increase efficiency, and reduce expenditure while ensuring compliance with anti-money laundering (AML) regulations.

Crime in Challenger Banks

According to the Financial Conduct Authority (FCA), challenger banks are a significant target for money launderers due to their quick and easy commercial account opening processes. Experian’s KYC API enables rapid onboarding without compromising AML checks and financial compliance.

Identify Crime Quickly

Experian’s automated approach helps assess customer risk quickly, spotting financial crime in a fraction of the time taken by traditional KYC methods. Continuous monitoring of risk is also made easier, enabling financial institutions to respond promptly to potential threats.

Increase Efficiency

The event-based system reduces manual checks by up to 75%, freeing up resources for teams to focus on cases that require attention. This improves efficiency and reduces costs associated with AML remediation programs.

Reduce Expenditure

UK banks spend upwards of £100 million annually on KYC remediation programs. By reducing manual checks, financial institutions can reduce operational expenditure and avoid costly fines.

Financial Crime Analytics

Experian’s FinCrime analytics help audit and uncover hidden risks in customer portfolios, preventing corruption. The solution matches KYC records against data sets, identifies discrepancies, and screens customers and Ultimate Beneficial Owners (UBOs) against watchlists.

Screening and Watchlists

Staying compliant with sanctions lists requires screening new and existing customers and conducting global sanction checks. Experian’s solutions help manage sanctions risks and ensure regulatory compliance.

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