Imagine a state of KYC, done right. Where the cost and time of processing each file is drastically reduced and changes in risk are flagged immediately. Ability to understand and manage client and reputation risk? Tick. More timely, accurate data on your client base? Tick. Welcome to the world of perpetual KYC (pKYC).

Our first paper on pKYC proposed a method on how to really get to know your clients using a perpetual approach to KYC. We detailed the need to change the current approach, how pKYC is a compelling alternative, and an overview of the tools and technology required to get there.

In this paper, we focus on those first steps to getting started. In particular, we focus on what we see as an essential interim step, which we have termed ‘Augmented Review’.

For more information about how we’re helping firms to realize the potential of pKYC, please contact Riddhi Sen, Head of Data Science & Machine Learning, Capco UK.