Transforming your client onboarding process
PwC's Know Your Customer (KYC) Centre of Excellence (CoE) is a utility solution that provides consistently high-quality client identification and verification checks and continuous screening, improves and enhances the customer experience whilst reducing the KYC administrative burden and the associated time and cost.
The utility centralises and streamlines your KYC process, providing a standardised and efficient client service that can be up to 30-50%* faster and 20-40%* cheaper.
The responsibility for client onboarding decisions will remain with the requesting FI; The KYC CoE provides standardised information enabling an informed onboarding decision. The CoE will not contact your client directly. All communication with the requesting FI is performed via the secure Web portal.
All checks and deliverables are carried out to a consistent high standard in line with GFSC requirements
The CoE better informs your risk assessment and client onboarding decision
You retain all aspects of the management decision to accept and onboard a particular customer
Our secure Web Portal will enable you to easily track progress and understand likely completion dates
The KYC checks are carried out by dedicated PwC staff in Poland and Alderney using a secure online platform. All data is stored on secure servers in Guernsey already used by PwC
Only authorised individuals will be able to access the Web Portal to view results and download KYC Data
All customer types can be covered, from individuals to complicated trusts based anywhere in the world
Where possible the CoE will utilise existing KYC checks already carried out on participating customers, subject to customer consent
Enhanced customer experience. Your customers can expect a quicker and more efficient client onboarding process.
Data is securely stored on servers used by PwC in Guernsey ensuring the highest standards of data security and privacy.
FIs retain responsibility for all direct customer contacts and ultimate customer onboarding.
PwC will leverage its dedicated experienced resources to help ensure the highest quality and efficiency of checks carried out.
Generation of a standardised output meeting all relevant GFSC requirements.
Daily monitoring against PEP/sanction lists and periodic delta screening against negative news.
Advanced workflow technology is estimated to be 30%-50% faster.
Membership and usage based fees, with low cost ongoing maintenance and support fees – estimated to be 20%-40% cheaper.
Chief Operating Officer, PwC Channel Islands
Tel: +44 7781 143791
Team Leader, PwC Channel Islands
Tel: +44 7781 120481