The rules of the game are changing. Data relevancy, recency, and accuracy are becoming the most important aspects for regulatory agencies to measure the accuracy of KYC programs within organizations. All organizations have an increasing need of making real-time KYC an integral part of their ecosystem due to regulatory pressures to be as accurate as possible.
Also, the recent trend has shifted towards a more collective approach for compliance, with notable efforts to standardize and harmonize KYC data and policies, both internally and at the multi-financial-institutions level. One thing has become clear: there is a growing need for KYC IT infrastructures to connect seamlessly across business lines and/or geographies to bring more effectiveness and real-time capabilities to current systems.
An early adoption of real-time KYC by each organization is necessary to avoid cost overheads and inefficiencies associated with continuing with conventional client due diligence and thus necessitates detailed study of all enabling factors, allowing an organization to achieve the end objective of real time in a true sense.