Challenges, strategies and constraints of Financial Institutions

To meet stringent regulatory requirements for anti-money laundering and countering terrorism financing, financial institutions must maintain the customer experience.

To this end, several actions have been implemented, including leveraging KYC information and documents already held by another institution within the same group or even outside their organization. Currently, several models exist for sharing KYC information, establishing a framework of producers and consumers of customer KYC. However, the consumption and sharing of KYC information face regulatory and technical constraints that complicate this process.

Despite this, it is essential to optimize the sharing of elements that constitute risk. Simultaneously, there is a need to enhance the efficiency and reduce the costs of the KYC process while adhering to the risk-based approach.