KYC Utility

In Banking and capital markets

EY’s Know Your Customer (KYC) utility service helps financial institutions to collaborate to achieve increased efficiency and effectiveness in their KYC refresh processes, including onboarding, improved and trusted data quality, daily screening, and ongoing monitoring.

What EY can do for you

Financial crime is a systemic and global issue. However, most financial institutions struggle to identify and mitigate criminal activity in an effective and cost-efficient manner. The largest banks typically have US$1b annual budgets to address financial crime and meet various regulatory requirements, including those for KYC. The results, however, are not what they should be – many financial programs are not delivering against their stated outcomes. Costs are too high, quality is too low, and there are too many false positives.

Common barriers and challenges include:

  • Lack of KYC standards and best practices, driving inconsistent and inefficient approaches across industry participants
  • Limited access to KYC and regulatory expertise: many complex, manual and time-consuming onboarding and KYC refresh processes leading to a poor customer experience and increasing resource requirements
  • Lack of trusted and high-quality data, driven by inefficient data capture methods
  • Limited collaboration between industry stakeholders, creating duplication of effort and information siloes

Beyond higher costs for banks, customers are often left with a poor experience, with extensive lead times and uncertain outcomes.

As the costs and complexity of fighting financial crime increase, more banks are considering a collaborative approach. EY’s KYC utility service is designed to uplift KYC standards, reduce costs and improve customer experience for industry participants. Specifically, it offers:

  • KYC lifecycle support for multiple customer segments
  • Exchange of trusted KYC data between utility subscribers
  • Extensive customer due diligence
  • Advanced digital FinCrime technologies
  • Audit trail of data usage and compliance events

Aligning to and assisting broader digital transformation initiatives, EY’s KYC utility service offers unique capabilities and advantages, including:

Standardized and secure platform: The foundation of our solution is a standardized and secure platform for sourcing, exchanging and maintaining customer and onboarding data within a common and shared data exchange model.

Risk management services: Customer outreach, third-party data sourcing and enrichment, customer screening, adverse media screening, smart identification of beneficial owners, biometrics ID&V and other services are all available via our KYC utility.

Advanced FinCrime technologies: Harnessing the latest in blockchain, biometrics and cognitive technologies, our KYC utility service addresses key pain points in the KYC value chain, improving the quality and harmonization of processes.

Deep operational know-how: Our KYC operations includes senior leaders who understand regulatory expectations and experienced personnel to provide coverage for processes and events that require manual intervention.

Flexible deployment and delivery models: Our KYC utility can be deployed within a specific jurisdiction or globally, with third-party vendor integration to promote a high level of adaptability, and a network of delivery centers across the globe.

Benefits include:

  • Better risk outcomes for banks based on increased visibility and analytical insights
  • Reduced operating and technology costs
  • Uniform and uplifted compliance standards, based on leading practices and methods and increased transparency
  • Improved data quality via an agreed data model and sharing platform, assisting collaboration between industry participants
  • Streamlined oversight of data governance, security, quality and privacy
  • Alignment to global digital banking initiatives
  • Accelerated onboarding and faster time to value
  • Enhanced customer experiences

Why do banks choose EY for KYC utility services?

  • Our recognized leadership in financial crime compliance. We have led financial crime transformation and remediation programs at 7 of the 10 largest financial services firms. Teams include more than 3,800 professionals across the globe supporting our KYC utility, managed service and consulting capabilities.
  • A global regulatory network comprised of former regulators who help banks understand and adapt to the changing landscape.
  • Our deep understanding of data privacy challenges and proven approaches to address them.
  • The powerful combination of EY’s industry knowledge with Microsoft’s market-leading cloud and analytics services.
  • Proven technology innovation. We have invested US$100m in a proprietary financial crime compliance platform, which is the foundation for our KYC utility service.

Other EY services to help banks fight financial crime include:

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