Know Your Customer (KYC) Refresh

KYC is an ongoing process that begins at onboarding and extends throughout the relationship. The responsibility for timely and fully compliant KYC programs impacts Operations teams, business lines, compliance teams and customer-facing representatives. Backlogs, service-level agreements (SLAs) and frequently changing requirements make ongoing KYC Refresh difficult to handle efficiently and consistently.

WorkFusion^® Intelligent Automation uses pre-trained ML models to:

• execute customer due diligence by identifying and verifying the identity of customers, Ultimate Beneficial Owners (UBO), and related parties
• watch for adverse media coverage
• monitor screening alert reviews
• determine key KYC attributes such as source of wealth
• manage email intake and handling of physical KYC documentation.

Banks using WorkFusion have shown that 60% of this work can be fully automated. This automated approach enables financial organizations to transition to near real-time KYC refresh operations, leading to more efficiencies across teams, reduced customer outreach, and improved quality across a key client lifecycle component.