Know your Customer (KYC) and and Customer Due Diligence (CDD)

Without a doubt, Know your Customer (KYC) and Customer Due Diligence (CDD) data is the single most important element of your financial crime prevention programme. It's relevance, accuracy and timeliness impact upon the effectiveness of customer risk assessments, second line testing, ongoing monitoring and resource planning to ensure your compliance programme is fit for purpose.

EFI works with its clients to ensure that this bedrock is firmly in place and where problems arise, that they are resolved as efficiently as possible.

The Cornerstone of your Financial Crime Prevention programme
Onboarding – The Essentials

The information obtained from and about your new customers is the single most important element of your AML/CFT compliance programme. It allows your business to accurately assess the possible financial crime risks associated with a relationship and set up monitoring measures commensurate to those risks.

Our teams are experienced in working with KYC and CDD data obtained in hard copy, scanned and digitised formats, ensuring that review and evaluation of this information is undertaken both efficiently and in compliance with your AML/CFT procedures.

Client-centric Work Product

We design and operationalise the integration of our team’s activities to our client’s KYC and CDD workflows to minimise internal friction with their business as usual activities. We aim to establish clear lines of communication with our client’s financial crime prevention team and their AML Officer/MLRO, so that there is a continuous level of transparency around the nature of the KYC and CDD work we support them with.

Complex Customers

We work with Financial Institutions whose lines of business involve corporate customers, including SME, global corporations and sophisticated wealth management arrangements. Many of these often involve the complex structures made up of different types of companies, special purpose vehicles and settled trusts, located in a variety of jurisdictions.

Our team of specialist KYC and CDD experts have extensive working knowledge about both the enhanced requirements that apply to these customers and understanding the rationale behind the structures used by them.

Specialist EDD

Whether KYC and CDD is undertaken for onboarding purposes, or it is needed to satisfy periodic KYC review requirements, our team understands the importance of accuracy and efficiency when performing Enhanced Due Diligence (EDD). Recognising the relevance of changes to an existing customer’s risk profile, our experienced analysts can identify, assess and clearly describe their relevance and impact on existing risk ratings.

Working extensively with customers comprising Politically Exposed Persons (PEPs), High Risk Third Countries, industries with elevated financial crime risks, our teams have a strong working knowledge of the KYC and CDD regulatory requirements that apply to them.

Look Backs, Reviews and Remediation

Whether you are a crypto exchange looking to roll out your KYC and CDD regulatory requirements, a scaling FinTech needing to conduct catch-up on your KYC reviews, or an established Financial Institution needing to refresh or remediate KYC and CDD across a particular line of business, our experienced teams can support you. Working in collaboration with our clients, we apply a strategic approach towards the planning and execution of review work with the goal of “getting it done right the first time”.

With extensive experience working with firms subject to regulatory scrutiny, we provide the support needed by our clients to make sure they meet agreed deadlines and deliverables.

Acquisitions, Migrations and Transfers

Business decisions involving changes to a firm’s customer base can have the unintended effect of triggering the need to review KYC held for affected customers and obtain further information needed to comply with local AML/CFT requirements. Brexit-related migrations of legacy customers to businesses in the European Union, for example, may require that a KYC refresh be undertaken to ensure that KYC held on those files meet local AML/CFT regulatory requirements. 

Our team of experienced reviewers work on a time-sensitive basis with clients to ensure that KYC and CDD customer reviews are undertaken, gaps are identified and any discrepancies are resolved by working collaboratively with their AML and front-line teams.

Read our latest case studies

Read about how we have helped clients with their KYC and CDD requirements

ONBOARDING

Faster time to revenue for a Tier 1 Financial Institution

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REMEDIATION

Remediated risk in Tier 1 Wholesale Bank

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Ready to transform your know your customer process?
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