KYC Remediation | Where does it go wrong? | FTI Consulting

KYC Remediation

Where does it go wrong?

Forensic & Litigation Consulting Thomson Reuters (Reprint)

March 17, 2015

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Know your customer remediation programmes can often be fraught with difficulty if the fundamentals have not been put in place. This article explores some of the essential prerequisites to the successful delivery of a KYC remediation programme and identifies where things can, and do, go badly wrong.

This might entail either a review of a small group of higher-risk customers or a full-blown review of the entire customer base. Regulators around the globe are also focusing attention on politically exposed persons (PEPs), correspondent banking relationships and other higher-risk client types, and on the effectiveness of enhanced due diligence and monitoring for these clients.

The checklist below illustrates some of the critical questions which need to be considered before embarking on, and while conducting, a remediation programme, whatever its size.

Originally published by Thomson Reuters GRC. © Thomson Reuters.

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