Know Your Customer (KYC) and Anti-Money Laundering (AML) have emerged as a leading concern for financial institutions (FIs). Banks have faced huge penalties from regulators in recent years due to lenient customer onboarding norms, which leads to money laundering activities. Additionally, longer onboarding time, challenges in obtaining information/documents, identification of beneficiary ownership, frequent policy changes, and new and additional regulations have complicated the process. As a result, banks and FIs are struggling to tackle these challenges and deliver customer satisfaction.
Globally, FIs are facing several challenges in the KYC process, which include longer onboarding timelines, complex ownership structures, data quality and inconsistencies, increasing cost of compliance, and frequent changes in policies and procedures. Our KYC practice has domain experts delivering 24 x 7 global coverage for multiple clients. With our deep knowledge about the processes as well as our experience with global banks, we bring industry best practices by applying our proprietary Process Progression ModelTM (PPM) framework and help organisations to transform operating models, improve business performance, and standardise processes with reduced costs.
We have been rated as Leader in IDC Marketscape in Business Process Outsourcing - KYC/AML.
Infosys BPM is uniquely placed in driving process transformation by leveraging our cross-functional teams across consulting and operations as well as our homegrown product suite — Document Workbench to extract information from documents and Risk Profiling Agent for screening disposition. It consists of:
In addition, our KYC practice delivers benefits to banks by:
Furthermore, we have strategic partnerships with global fintech/regtech companies in the compliance space across advisory, platform, and RPA/ML/AI providers, thus delivering the best, tailor-made solutions to meet client requirements, such as Video KYC.
Our Solution is a customised, holistic, end-to-end solution that delivers compliance requirements to financial institutions, from business consulting through the entire life cycle of product selection, implementation, maintenance, and day-to-day operations.
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