An increase in regulation is adding a degree of complexity to customer due diligence requirements and it has become clear that teams are struggling to manage ever-changing rules while keeping up with various responsibilities.
In an effort to bring real change to KYC processes that make an impact to those in the industry, Encompass conducted a survey questioning onboarding and compliance professionals about the challenges they come up against in their day-to-day roles.
While more than half of all respondents operate within compliance, others who work across the associated industries, in areas such as business development and front office, also provided insight into their jobs, the customer groups that they target and the way in which they approach onboarding new clients.
Delving into subjects including the level of ease with which current processes allow KYC to be performed when onboarding, the most common challenges professionals come up against when performing KYC and their use of automation to overcome these, the survey bracketed customer types into large corporates, mid-market, SME and individuals/sole traders.
Those who responded shared that mid-market proves most difficult to navigate in terms of KYC tasks and onboarding, with 48 per cent rating the process for these customers as challenging. In contrast, when questioned on dealing with sole traders/individuals, only 29 per cent found this aspect to be challenging.
The research gives an overview of needs and issues to be tackled in order for these processes to be more effectively carried out, with the increased reliance on automation evident, as many are found to be currently utilising it in their onboarding processes, or considering doing so in the future.
Do these insights reflect what is going on in your business, and what changes are we likely to see? Encompass and Dun & Bradstreet will be hosting a roundtable seminar on Thursday 19 September, where the key themes will be discussed, as we explore:
Encompass’ intelligent process automation conducts live document and data collection, analysis and integration from public and premium sources to bring transparency to complex corporate structures and ultimate beneficial ownership, delivering the most accurate and complete KYC on demand.