Icon_Webinar [SeeSaw]_2021 WHITEPAPER

Perpetual Know Your Customer (pKYC)

The journey to a new operating model

Perpetual KYC or pKYC is an emerging concept in financial crime compliance.

It has generated great interest and accelerated digital-first approaches because of the cost and risk benefits on offer if firms can maintain KYC profiles dynamically as new information becomes available.

While some proponents of pKYC see periodic KYC becoming obsolete and others propose it is available as a single product, our analysis suggests the breadth of work necessary for effective pKYC is somewhat more complex and will demand a sophisticated and phased approach on the journey to this new digital operating model.

In this whitepaper we explore:

  • The definition of pKYC, and how it differs from periodic KYC and ongoing monitoring
  • Regulatory requirements necessitating the change in approach
  • How the pKYC meets the economic demand for change
  • Key concepts of pKYC

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