Financial Crime World

Title: Oracle Indonesia Unveils New Approach to Customer Due Diligence with Perpetual KYC

Oracle Indonesia, a leading technology solution provider in the Indonesian market, has recently introduced an innovative approach to Know Your Customer (KYC) procedures called Perpetual KYC. This solution aims to streamline the customer due diligence process for financial institutions and businesses.

Overview of Perpetual KYC

  • Perpetual KYC is an upgrade to the traditional KYC process focusing on one-time identity and financial background checks.
  • It involves continuous monitoring and updating of customer information for ongoing AML and CTF compliance.

Benefits of Perpetual KYC

  1. Up-to-date customer databases: Perpetual KYC enables financial institutions to keep their client databases current, reducing the risk of working with outdated or incorrect information.
  2. Real-time data verification: This approach caters to growing demands for instant customer data verification and risk assessment.

Challenges of Perpetual KYC

  1. Data privacy concerns: Safeguarding sensitive customer information is a major challenge in implementing perpetual KYC.
  2. Cybersecurity measures: Robust cybersecurity is essential for protecting customer data.
  3. Technology infrastructure investments: Adopting perpetual KYC may require significant investments in technology infrastructure and ongoing costs for maintenance and updates.

Oracle Indonesia’s Response

Oracle Indonesia’s KYC solution addresses these challenges through:

  • Advanced data security measures
  • System integration capabilities

Regulatory Compliance

Oracle Indonesia’s new approach is consistent with OJK’s Regulation No. 55/POJK.06/2017 on Customer Due Diligence, requiring thorough customer due diligence to minimize risks of money laundering, terrorist financing, and financial crimes.

Conclusion

Oracle Indonesia’s Perpetual KYC solution sets a new standard for effective customer due diligence and AML/CTF compliance. It offers continuous monitoring and risk assessment, enabling financial institutions and businesses to build stronger, more transparent relationships with their customers.