Financial Crime World

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Switzerland Tackles Financial Crime with EY’s KYC Compliance Solution

In a bid to combat the systemic issue of financial crime, Switzerland’s banking sector is embracing a collaborative approach to know your customer (KYC) compliance. Amidst rising costs and complexity in fighting financial crime, leading professional services firm EY has launched a KYC utility service designed to uplift standards, reduce costs, and improve customer experience for industry participants.

The Challenge of Financial Crime

Financial crime is a global challenge that affects banks of all sizes, with many institutions struggling to identify and mitigate criminal activity effectively. The largest banks dedicate over $1 billion annually to address financial crime and meet various regulatory requirements, including those for KYC. However, despite these efforts, the results are often disappointing, with costs too high, quality too low, and numerous false positives.

Barriers to Effective KYC Compliance

Common barriers to effective KYC compliance in Switzerland include:

  • Lack of standardized practices
  • Limited access to expertise
  • Poor-quality data
  • Inadequate collaboration between industry stakeholders

EY’s KYC Utility Service

EY’s KYC utility service aims to address these challenges by offering a range of benefits, including:

  • KYC lifecycle support for multiple customer segments
  • Exchange of trusted KYC data between utility subscribers
  • Extensive customer due diligence
  • Advanced digital financial crime technologies
  • Audit trail of data usage and compliance events

The solution is built on a standardized and secure platform that enables the sourcing, exchange, and maintenance of customer and onboarding data. EY’s risk management services include:

  • Customer outreach
  • Third-party data sourcing and enrichment
  • Advanced financial crime technologies harnessing blockchain, biometrics, and cognitive capabilities

Benefits of EY’s KYC Utility Service

The benefits of EY’s KYC utility service in Switzerland include:

  • Better risk outcomes for banks
  • Reduced operating and technology costs
  • Uniform compliance standards
  • Improved data quality
  • Streamlined oversight
  • Enhanced customer experiences

EY’s Expertise in Financial Crime Compliance

With a team of over 3,800 professionals globally, EY has established itself as a leader in financial crime compliance, having led transformation and remediation programs at seven of the world’s top ten largest financial services firms. The firm’s global regulatory network and expertise in data privacy challenges make it an attractive partner for Swiss banks seeking to enhance their KYC compliance capabilities.

Partnering with EY

Swiss banks can leverage EY’s comprehensive services to combat financial crime, including AML monitoring and investigations, know your customer, and list screening. By partnering with EY, these institutions can stay ahead of the curve in a rapidly evolving regulatory landscape.