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