Streamlining compliance with AML 'know your customer' regulations

Start adding items to your reading lists:
Save this item to:
This item has been saved to your reading list.

Financial services organizations are being inundated by anti-money laundering rules and “know your customer” (KYC) regulations. The USA Patriot Act and other regulations require institutions to implement KYC policies that include customer due diligence risk evaluations. While these regulations are not new, compliance seems difficult if not impossible, especially when companies are forced to rely on multiple systems to collect and analyze customer data. Even worse, some companies implement “quick fixes” that rely on manual data collection and paper-based workflow processes, which can introduce inconsistencies in customer risk scoring and due diligence procedures.

How PwC can help

PwC understands how challenging it is to successfully develop and maintain a sufficient KYC program. Our highly experienced team of specialists created the Customer Due Diligence (CDD) tool. It is a secure Web-based solution that streamlines the collection of anti-money laundering KYC information while ensuring proper due diligence for new customers and accounts. And since no two institutions’ needs are alike, we designed the tool to be customizable so companies can tailor it to support their particular business rules, unique due diligence processes and risk scoring methodologies.

The CDD tool acts as the single data entry point for all customer and account information, which allows institutions to calculate real-time anti-money laundering risk rating, minimize data quality issues and improve the overall efficiency of the due diligence process. The program can be adapted for any type of financial institution, allowing users to add and edit information collected for each customer. The CDD tool also integrates workflow capabilities to control and streamline the approval or rejection process for customers and/or accounts. Additionally, the tool helps standardize the application of the risk assessment methodology while preserving customer, product and geographic differentiators.

This streamlined, user-friendly application identifies risks, accurately collects information and blends compliance with day-to-day business operations.

Contact us

Jeff Lavine

Global Financial Crimes Leader, PwC US

Malcolm Rowe

Director, PwC US

Follow us