PwC has acquired client onboarding specialist KYC-Pro from compliance consultancy FSCom for an undisclosed amount. The move comes as part of PwC’s plans to expand its regulatory compliance offering. KYC-Pro enables customers access to over 127 million companies worldwide, conduct individual AML checks across more than 20 countries and cross reference potential customers against international PEPs and Sanctions lists. PwC partner Ian McConnell says: “AI and automation can deliver significant benefits for organisations and people and, by incorporating KYC-Pro to our existing regulatory compliance offering, it complements the significant presence we already have in the financial crime operations space.” Research shows that by 2020, European banks will spend more than €1bn annually on their KYC management.
A-Team Insight Blogs
You can listen to the recording of this webinar by registering on this page. How can ‘digitalising’ client onboarding help to speed up data processing and improve customer experience? How can you leverage digital capabilities to improve your Know Your Customer (KYC) and Anti-Money Laundering (AML) workflows, processes and checks? The task is not easy...
In light of the increase in cross border activity and foreign financial institution entry into European domestic markets over recent years, Anna Maria Tarantola, deputy director general of the Bank of Italy, has been talking up the need for common information sharing methodologies and central databases across Europe. Last year, Tarantola discussed these issues with...
Now in its 3rd year, the RegTech Summit in London explores how the European financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.
As the July 1, 2014 deadline for compliance with the Foreign Account Tax Compliance Act – or FATCA – approaches, financial institutions around the world are working to ensure their data management and operational systems will meet the requirements of the US legislation. This report discusses the requirements of FATCA and how the legislation is...