Wednesday 9 May 2018

Quality Assurance in Customer Due Diligence

It's not easy 'to get it right' in the art or craft of Customer Due Diligence. What's even more difficult is to measure quality and demonstrate that your institution is meeting all quality requirements.
We had a look at a solution called  KYC Quest  it's still in development but nevertheless promising.

It's an interesting regtech initiative based out of Amsterdam which provides financial institutions with automated questionnaires to perform Enhanced Due Diligence. It guides users through all regulatory steps, helps to identify and mitigate risks and enforces a 4-eye process.

It not only adds control but also increases efficiency in the KYC process while at the same time increasing the quality assurance and auditability significantly.  

We'd  like to hear from you if you're struggling with your Quality Assurance and Improvement discipline, perhaps we can be of service.