" class="no-js "lang="en-US"> KPMG Launches a New Smart Customer Due Diligence Platform
Monday, April 15, 2024

KPMG Launches a New Smart Customer Due Diligence Platform

Financial crime challenges even the most mature of organisations, with time-consuming, manual processes and high headcount increasing the cost of maintaining compliance. In response, KPMG UK has launched an innovative cloud-based platform – KPMG Smart Customer Due Diligence (CDD) – that optimises CDD business operations to reduce the total cost of KYC compliance generating potential cost reductions of up 40 per cent.

CDD and KYC is complex and cumbersome, meaning it is often managed by resource-heavy middle and back-office functions without connectivity to sales and customer relationship management systems. These challenges persist across onboarding, periodic review, ongoing monitoring and remediations in the financial crime space.

“We have combined our expertise in customer due diligence, technology and operational service delivery to create a data-led approach to CDD, giving cost certainty through an ‘out of the box’ solution, compliant with regulatory requirements and pre-configured to industry standards,” said Richard Parsons, Director, KPMG Smart CDD.

Unlike other CDD solutions that only target specific pain points in the compliance process, the new solution uses third-party integration as standard, provides granular management information and a robust audit trail, with clear hand offs and escalations. As a result, the toolkit can handle the entire CDD end-to-end journey, driving efficiencies and headcount reduction. Compared with other KYC technology companies, KPMG also brings financial crime subject matter experts and operational expertise to run the programme to drive high-quality outcomes.

Other differentiating benefits of KPMG Smart CDD are:

  • A data-led approach gives a 360-degree view of the customer, with robust audit trail and full lineage to policy, to evidence decision-making to the regulator.
  • Improved customer experience through enhanced digital outreach process, omni-channel capability and a dedicated point of contact.
  • A proven methodology allowing for a rapid build and mobilisation period. This, combined with streamlining of customer outreach processes to reduce response times, shorter onboarding timeframes and increased onboarding success rates, helps accelerate the end-to-end lifecycle.
  • Quality checking and quality assurance built into the smart workflow, leveraging an industry-leading quality framework and deep financial crime expertise to drive value.
  • Integration and configuration with systems for better decision making, including KPMG’s policy and risk rating engines, a customer facing CDD portal which connects straight to workflow, and third-party data aggregators for entity information and full screening capability for PEPs, Sanctions and Adverse Media.

Simon Mansell, KPMG UK Forensic Head of CDD comments, “With organisations’ recovery from the pandemic underpinned by growth and expansion, their risk exposure will undoubtedly intensify as they seek to percolate into new markets. With increasing uncertainty and regulatory oversight in global economic markets, they need to know that all relevant customer information is correct. This innovative ‘out of the box’ CDD tool, combined with our operational excellence, gives us the unique ability to build and deliver a high-quality service, giving clients peace of mind as they get back on their feet.”

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