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Know Your KYC

In 2018 regulators issued $3.8bn in KYC fines. What would it be like to be on the wrong side of the regulators?

The global economy will take many years to recover from Covid19, with many companies facing tough times. As a result, banks will need to be even more vigilant in monitoring the financial health of their clients.

And while Banks have the tools to do this, even in the most sophisticated banks, "mistakes" in the KYC/AML process still happen.

In 2019, non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC) and different associated regulations resulted in global penalties in excess of $30 billion. An eye-watering number! 

A study by Accuity & Chartis revealed that over 60% of financial institutions are creating inefficiencies in their KYC/AML processes (

These inefficiencies have pushed organisations to focus more on fine-tuning their processes to ensure better compliance while diminishing exposure to risk and regulatory fines.

Sidhartha Dash, Research Director at Chartis, said: "Being accurate and transparent is paramount as pressure mounts, both from external regulators and internal policies and processes."

Do we expect these "mistakes" to continue and more fines to come? Definitely YES.

Simply because banks do not have a clear view of the bottlenecks, errors (unless after the fact), or the high costs of correcting issues in a client onboarding or review process.

The big hope is to proactively optimise and streamline the solution to be more efficient, error-free and simultaneously reduce the time-to-market in KYC/AML processes.

And while many are trying to achieve this by deploying large enterprise solutions, this brings massive implementation and maintenance costs. But even then, they are not able to get the full picture. 

As a simple example, rarely will a bank with these sophisticated solutions be able to know:

·     The cost to correct issues within a KYC process

·     The time it took to correct an error

·     The bottlenecks in the process

·     The complexity of offboarding a risky client

The difficulty of complying with often unclear and fragmented KYC/AML regulations is having wide-reaching impacts on banks in terms of onboarding costs and clients' frustration.

And with the client onboarding defining the ongoing customer relationship, inefficient processes have real implications for profitability as well as causing unnecessarily high costs.

And in the case of any undetected missing steps, the potential for regulatory penalties in addition to losses is significant.

Supporting the onboarding workflow with a consolidated dashboard, providing continuous monitoring of the onboarding/review performance and producing critical insights will dramatically improve the efficiency of the process.

Consolidated dashboards can be provided by:

Implementing an enterprise-wide solution. However, these are costly to purchase and install, take a long time to get up and running, come with a high support overhead, require constant upgrading and don't always consolidate information from outside of the core system.


Developing an in-house solution. However, these cost a lot to build, take a considerable time to become fully operational (with requirements often out of date by the time of delivery) and require significant and expert support teams. And of course, over time, they become very complicated to maintain.

It doesn't have to be like this

KPIMinds has developed a solution that consolidates data from your onboarding systems and provides a suite of dashboards pinpointing the delays, costs and risks.

And with this Machine Learning enabled solution, KPIMinds can help identify issues before they happen!

KPIMinds offers:

  • A modern technology approach of reusing 'in use' and already tested organisational components

  • Customisable web-based dashboards that are very easy to deploy

  • Plug and play with your existing KYC source systems

  • With faster time to implement (days, not months or years)

  • At a fraction of the cost of other solutions

  • Without the risk of large-scale implementation projects

  • Backed-up by AI to proactively identify issues in onboarding

  • And a very low cost of ownership

KPIMinds intelligent monitoring pinpoints the following to management:

  • Areas in the KYC processes where delays are impacting the business

  • Areas in the KYC processes where cost is too high

  • Where clients are not 100% conformant with current KYC processes, hence reducing the risk of being fined by the regulators

  • Where to improve the time-to-market for onboarding or reviews through trend analysis

  • How Machine Learning can anticipate issues in onboarding

  • How the best use of the existing infrastructure. Saving the expense of investing in new enterprise systems

  • And much more

Its many dashboards provide full slice and dice capability – and can be with you in a matter of weeks. And at a fraction of the cost of the alternatives.

We will be more than happy to provide you with a demonstration and undertake a free of charge proof of concept.

Do not hesitate to contact us at to obtain more information.

Let us help you optimise your clients' onboarding experience.

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