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.
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.
Richard Parsons, Director, KPMG Smart CDD, Said:
“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”
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.”
