WHITEPAPER

Planning your journey to perpetual KYC

The maturity model

The evolving financial crime landscape, and risk appetite, mean firms cannot afford to rely on timebound assessments to unearth material risk.

Perpetual KYC (pKYC) changes the way customer information is monitored by replacing manual, time-consuming and expensive periodic reviews with a technology-centered, data-enabled alternative. The result is that firms can maintain up-to-date customer profiles, achieve ongoing compliance and, ultimately, know the customer better.

A lack of understanding of the scale of the transition required and general process inertia still holds many firms back from achieving true automation. We have worked with our pKYC advisory board to create a standardized framework to help firms plan their journey to pKYC.

What’s included?

An overview of the pKYC advisory board
A framework for pKYC
The KYC maturity curve
The pKYC maturity model

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About the authors

Dr Henry Balani

Global Head of Industry & Regulatory Affairs

Dr Henry Balani is a noted industry thought leader and commentator on regulatory compliance issues and trends affecting the financial services industry. A published academic, Dr. Balani also lectures on international business, economics, and regulatory compliance courses globally.

Dr. Balani holds a Doctorate in Business Administration from the University of Wisconsin, an M.B.A. from Northern Illinois University, and a B.S. in Economics from the London School of Economics.

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Howard Wimpory

KYC Transformation Director

Howard Wimpory works with Tier 1 banks to digitally transform their KYC onboarding and refresh processes. He has held a number of executive-level operational roles within a major global bank, including leading their wholesale KYC Onboarding and Refresh functions.

His most recent role prior to Encompass was Managing Director, Group Financial Crime Operations position at Barclays Bank, where amongst other functions, he was accountable for leading KYC remediation of corporate and investment bank client records to FCA committed timelines.