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Only a few years ago, KYC was a term familiar only to industry insiders. Today, it's everywhere. Driven by new regulations and increased scrutiny from regulators, along with hefty fines, KYC is ubiquitous.
The number of KYC inquiries and the depth of information shared have grown significantly, leading to a sharp rise in the cost of financial crime compliance.
McKinsey reports that 85% of financial crime compliance tasks are non-analytical in character. Those who fail to adapt to new ways of working will be eaten up by administrative burdens and paperwork.
The ones that will thrive in the new environment will be those who quickly can adopt to the rapidly evolving landscape. Leveraging technology will be necessary to minimise administrative tasks, avoid fines and reputational risks.
Regulated entities are responding to their KYC challenges in different way. Some are stuck in status quo and need to hire more personnel to solve the large amount of paperwork.
Others are integrating with IT system providers to tackle their current most urgent challenges. This often leads to siloed systems, where KYC information is spread across a range of different systems, as well as IT resources being allocated to maintain systems rather than to move forward.
Instead, envision a single platform that simplifies KYC and eliminates administrative overhead without the need for internal IT resources. That's KnownID.
Traditionally, KYC involved paper forms and physical documents. Gradually, the process has shifted to PDF forms, emails, and files in document management systems, where information is manually shared and entered across siloed systems.
KnownID is an interconnected end-to-end platform that manages everything related to KYC. A platform that gives you a clear overview and enables you to send out and answer questionnaires, store information and documents, conduct screenings, verify data, manage cases, and risk assess. It is a platform that is built not only for entities requesting KYC, but also makes it easier for those responding to KYC.
Our extensive experience across various industries has given us a deep understanding of the challenges in KYC. The critical question we've always faced is "How can we make it easier to stay in control and reduce the risk of being non-compliant?"
KnownID is designed based on our longstanding expertise in KYC, with the ultimate goal of simplifying KYC for all different stakeholders.