Perpetual KYC, also known as continuous KYC, event-driven KYC or dynamic KYC, is based on the dynamic refresh of customer data in response to key triggering events.

It represents an adaptive approach to KYC processes in comparison to the more traditional, reactive ways of updating KYC information.

However, a successful transition towards this dynamic approach depends on a few pre-conditions being met.

Firstly, the organisation in question must have reached an advanced level of data maturity and system integration. Also, its compliance team must have a good understanding of what constitutes a meaningful change that would represent a trigger for KYC processes.

In this whitepaper from financial crime agency Themis, produced in collaboration with Encompass, you will explore:

  • current regulatory approaches and innovation in KYC processes
  • the concept of perpetual KYC
  • the benefits and challenges of it as a solution

Click here to view more Encompass ebooks.

about Encompass

A full and accurate picture of beneficial ownership is the foundation of effective KYC. Manually building this picture from a plethora of documents and third party sources, however, is a long, expensive and error-prone process.

Encompass’ intelligent process automation conducts on demand document and data collection, analysis and integration from public and premium sources to bring transparency to complex corporate structures and ultimate beneficial ownership, delivering the most accurate and complete KYC on demand.

The full picture of a customer significantly enhances the effectiveness and efficiency of subsequent KYC activities including screening and IDV - both of which can be carried out seamlessly in the Encompass platform if required.

All information on a customer, along with supporting documents, are dynamically compiled into a comprehensive, digital KYC profile that Encompass can also monitor for ongoing regulatory risk.

Find out more

Encompass_Discovery screens mock up