Success Stories
Enabling Know Your Customer (KYC) Compliance for A large asset management house in Europe
Business Need
The client needed to improve its Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures dictated by compliance issues. These procedures are invoked when starting a new counterparty relationship, when a counterparty or client changes ownership as a result of a merger, demerger or acquisition.
KYC Requirements
- Establish confidence in data accuracy
- Enable regulatory data reviews for compliance
- De-duplication
- Quality assurance reviews
- Relationship hierarchies
- HCL created a highly scalable and extensible process framework, incorporating workflow, research and data standards to provide validation of client records (across three geographies)
- Review and validation of counterparty data
- Deploying a risk-based approach to KYC compliance with measurable data quality
- Review and validation by referencing multiple internal and external data sources
- Establishing audit trail and change controls in the process
- Providing operational efficiencies and benefits as a byproduct of adhering to the regulations
- Including offering compliance and credit staff a risk-based view of the counterparties.
- Provided ability to assign risk parameters to counterparties and develop a risk-weighted view of the client base.
- Creation of a single golden source of cleansed reference data.
- Significant reduction in costs (over 50%) along with six sigma process improvements (with a 70% reduction in errors).
