Client due diligence is at the centre of white-collar crime prevention.
Know Your Customer (KYC) / Customer Due Diligence (CDD) is one of the most important requirements in the fight against white-collar crime. Despite huge investments, poor execution remains a reality for many companies. Most often it is due to the multi-faceted and cross-functional nature - the complexity of execution makes it difficult for organisations to identify where their problems lie and what solutions are available.
Typical operational problems can be
Resulting in low-quality white-collar crime decisions, costly remediation and regulatory fines, sub-optimal turnaround times, detrimental impact on customer satisfaction and reputational damage.
The KYC/CDD Navigator provides a holistic view to highlight the challenges facing your CDD function. It helps you to find simple solutions and implement them in an organised way.
KPMG has used its experience of working with clients around the world to bring structure and clarity to this challenge. The KYC/CDD Navigator is a simple way to address this challenge, focussing on the full spectrum of maturity levels. It covers the key components of effective KYC/CDD, taking into account their sequencing and interconnectivity. All of this is backed by defined benchmark standards and industry-wide knowledge of CDD maturity.
The KYC/CDD Navigator can quickly provide clarity on the actions required to transform your KYC/CDD operations. The benefits identified vary by client, but operational efficiency gains of 30-40% are not uncommon.
These actions can lead to higher quality white collar crime decision making, improved customer satisfaction, operational excellence in CDD and commercial growth and success.
