The industry’s current approach, centered on fixed schedules and reactive monitoring, leaves institutions vulnerable to evolving financial crime risks while driving up compliance costs and degrading the customer experience. As regulatory scrutiny intensifies and criminal sophistication grows, institutions must reimagine their approach to understanding customer risk and monitoring customer behavior.
This research, based on in-depth interviews with compliance officers at FIs across the U.S. and Canada, reveals an industry in transition, as balancing regulatory expectations against operational constraints creates uncertainty on the best approach to this conundrum. This report examines how banks and credit unions are exploring the shift toward pKYC, the ways they are tackling critical implementation challenges, and how some are assimilating pKYC elements into their current anti-money laundering (AML) and customer due diligence programs.
Clients of Datos Insights’ Fraud & AML service can download this report.
About the Author
