Perpetual KYC resources from PassFort, a Moody's Analytics company

Autumn is here and it's a time of change. Because nothing stays the same for very long, the theme for our Q3 newsletter is perpetual KYC - the process of looking for continually changing risk factors in your business network.

It's the end of another quarter, Autumn is here, and it's the season of change. There have been huge global and national changes in recent weeks, let alone recent months, but change is the only constant and being on top of what is changing in your business network is how you understand risk and maintain compliance.

Here's a selection of resources we shared throughout Q3 on pKYC, which is the process of continually monitoring changing risk factors. 

Four core requirements of customer due diligence

One of the four core requirements of customer due diligence (CDD), as set out by the financial conduct authority (FCA), is to conduct ongoing monitoring to identify and report suspicious transactions and, on a risk-relevant basis, to maintain and update customer information. That’s because risk levels don’t remain static throughout a customer’s lifecycle. A customer may start out as low-risk, but if something changes in their risk profile – they are elected to local government, are implicated in a fraud case, and so on – then their risk status can change overnight.

Regulated businesses have a responsibility to understand changing risk factors, and can't always wait years to uncover them. Monitoring changes in customer profiles on a near real-time basis is more effective.

Managing compliance with pKYC

How can regulated companies use perpetual KYC (pKYC) to solve their compliance challenges and manage risk throughout a customer’s lifecycle?

Here’s a short article that shares some of the essentials on pKYC and how regulated businesses are using it to make the most of resources and focus attention where it matters most across their own unique risk landscapes.

The pKYC podcast mini-series

There are three new episodes in the KYC decoded podcast on Perpetual KYC, all hosted by Alex Pillow and featuring experts from customer lifecycle management, compliance, and the world of regtech.

+ Episode 1 - Are traditional methods of periodic review a thing of the past? Compliance industry expert, Chor Teh, gets into the topic of how a new approach to continual risk monitoring can optimize the process, making it more time- and cost-efficient, while providing real-time risk mitigation.

+ Episode 2 - A big difference between traditional risk monitoring and pKYC is the technological advancements that make the process work. Delphine Masquelier, KYC Solution Manager at Quantexa, Alex Richter, Head of Customer Lifecycle Management at PassFort, and Henry Irish, Manager of Technology Strategy at Moody’s Analytics, take a deep dive into the tech needed for a successful pKYC program.

+ Episode 3 – What’s pKYC like in real operational practice? Can it yield better results? In this final instalment, Jessica Cath, Head of Financial Crime Project Delivery at FINTRAIL, shares her unique experiences and perspectives on pKYC as an active practitioner in compliance.

Original research into pKYC

We are excited to announce that we have been working in partnership with Context Consulting over the last two months on a piece of original research into pKYC. More than 60 senior compliance professionals from six countries - including the UK, US, France, Germany, Singapore, and Australia - from corporates to the world of banking and fintech, have been interviewed to garner their views, opinions, and insights into pKYC.

We are launching the report in October 2022 and you can register your interest now to receive a copy of the new report as soon as it’s released.

Now for something completely different

While the theme of this quarter has been pKYC, we didn’t want to end the update without recognition of an important new customer for PassFort. At the end of August, we were able to announce that OneBanx, the shared banking innovator, had chosen to use PassFort’s know your business (KYB) workflow solution to create a seamless onboarding experience for its business customers.

Duncan Cockburn, chief executive of OneBanx, said:“As we serve our customers and ensure their cash is protected, PassFort’s solution will help us deliver seamless onboarding for business clients, while ensuring we are fully compliant with all the relevant regulations. Customers need to know they can manage their money safely with us. With automated onboarding and KYB, our technical team will now be able to concentrate their efforts on continuing to innovate so we best serve our customers.”

We also had an exciting industry achievement in Q3. Chartis Research released its report - KYC/AML Data Solutions, 2022: Market and Vendor Landscape. In the report, they examine key trends in the market and detail why Moody’s Analytics is positioned as the category leader with the most complete offering for KYC/AML data solutions.

Get in touch

Well, that’s all for Q3 and this update. It’s been another epic three months in a time of great change - elections in Europe, a new Prime Minister and a new monarch in the UK - but, as has been said, change is the only constant and it’s how we deal with it that counts.  

If we can help you manage changing risks and compliance requirements in your business network, please get in touch - we’d love to hear from you.