Problem
This top global bank had tried to develop and implement a solution to combat Financial crime, but were unsuccessful. They needed a scalable and innovative solution to be able to review Hong Kong based SME customers against their Financial Crime Policy standards over a four-year period.
KPMG Approach
- Pooled our global technology capabilities to develop a cloud-based solution including: Policy Lineage/Rules Engine, Case Management, and Customer Portal that is delivered in a full managed services model
- Delivery priced on an outcome basis per case. We are currently undertaking 400,000 commercial banking KYC reviews
- Our Client Due Diligence Centre in Foshan, China, has 600 resources, established over a twelve-month period
- Data Analytics conducted across the portfolio to assess customer behaviours
Outcome
The KYC/CDD solution was deployed within six months and reduced the end-to-end time for completing a customer review by approx. 50% compared to the in-house solution, and attained high right-first-time quality scores.
Through customer analytics the KPMG solution has provided an increased lens for monitoring financial crime plus allowed the bank to enhance its relationship with customers by having a deeper understanding of their business activities.