Banking & Financial Services Industry

KYC Remediation Overview

KYC Remediation is necessitated because of regulatory burden on having a fully compliant and updated customer records with banks. Also because of new KYC policies and procedures being adopted, customer records need to be updated. The financial institution’s regulator has begun more rigorously enforcing KYC standards and the institution wants to avoid fines and possible reputational damage.

Need for doing a KYC remediation program emerges when

  • There is minimal KYC information on hand from when customers were on-boarded and customer profiles are out of date and/or incomplete;
  • Deficiencies have been identified by internal auditors or regulatory examiners and remediation is required;
  • The financial institution acquired or merged with another institution and the new customer base needs to be brought up to date with the acquiring institution’s standard;

Sutherland provides an end to end KYC remediation program which entails analysis of existing records and finding deficient cases, contacting customers to complete KYC requirements fulfillment, updating records, arriving at Customer Risk Score, framing review policies and closure of remediation exercise.

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