Regulatory scrutiny obliges banks to re-validate existing clients. Done right, it leads to better customer data and less fraud —but done wrong, it can be the ultimate money pit.

This white paper highlights:

• Regulators across multiple jurisdictions have turned their attention to the Know Your Customer (KYC) and Customer Due Diligence (CDD) files of existing bank clients.
• Once in the crosshairs of a regulator, a bank needs to act quickly and decisively—often in the face of an imminent deadline.
• Common mistakes banks make when initiating a remediation project: putting the burden on clients, recruiting expensive, untrained staff, trying to build a file with patchwork data, and relying on manual processes.
• Best practices for a successful large-scale remediation process include rewarding clients, improving data quality, and prioritizing cost and time.