Know Your Customer

What EY can do for you

A changing regulatory environment, increasingly sophisticated financial crime tactics, and high customer expectations are prompting financial institutions to rethink and transform their KYC processes. However, satisfying ever-increasing compliance and due diligence requirements without compromising the client experience is challenging. Doing so efficiently and cost-effectively is further complicated by legacy systems, disparate data silos, and differing global regulatory requirements.

Financial institutions can adopt digital technology to reduce costs, improve quality and transform KYC operations and client lifecycle management capabilities. But doing it alone can be risky and disruptive, given the need to select, deploy and manage technology, engage the necessary talent and manage relationships with regulators.

Our KYC services help firms address these challenges and enable them to reallocate technology investments to their growth strategies and to access an experienced workforce that can handle fluctuating volumes. This reduces the need to incur one-time costs, make temporary investments, and spend time managing non-core processes. These services encompass due diligence processes for client onboarding and renewals across multiple jurisdictions as well as case management, advanced analytics for next generation customer risk rating, complex entity management, and secure digital exchange of customer information.

Our KYC services include:

New customer onboarding: We offer end-to-end management of KYC processes for new customers and products. This includes document gathering and validation based on policy requirements and the sourcing and interpretation of structured and unstructured data from both internal and trusted external sources. Aggregating this information to a single client view accelerates risk assessment and verification.

Due diligence: Our rules-based identification, aggregation and automation of customer information across business lines, legal entities, and jurisdictions streamlines the process and is designed to accurately address the data requirements for ultimate beneficial owners (UBOs).

Customer information refresh and remediation: Our end-to-end management of KYC processes for existing customers is based on renewal cycles and customer trigger events.

The KYC process is enabled by workflow management covering tasks, automatic communications, integration of screening, Customer Due Diligence (CDD), Enhanced Due Diligence (EDD) and risk rating, and alignment with a quality control framework.

Why EY

We are a worldwide leader in the fight to disrupt financial crime. EY teams made up of 3,800+ industry and domain professionals from across the globe bring a wealth of knowledge and strong relationships with regulators.

We have led financial crime transformation and remediation programs at 7 of the 10 largest financial services organizations.

We have invested US$100m in a proprietary financial crime compliance platform, which is the foundation for monitoring and investigation services. Based on industry standards and controls, the platform facilitates the use of AI and machine learning so banks can incorporate larger and more complex data sets into their monitoring programs and analyze them more precisely. Its flexible and scalable design allows banks to evolve their monitoring capabilities as their needs change.

Delivered through a network of global service centers, our managed services offering supports the entire KYC lifecycle from initial case prioritization and scheduling through file completion, including data enrichment, due diligence, outreach support, screening and risk rating as well as underlying quality assurance and reporting.

Other EY services to help banks fight financial crime include:

• AML monitoring and investigations
• List screening