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By Michael WEIS, Partner, Forensic Services and Anti-Financial Crime Leader and Alessandro CASAROTTI, Director, Forensic and Anti-Financial Crime specialist, PwC Luxembourg
KYC is black or white, either you have it or not”. We heard this once again recently, when speaking with the management of a leading financial institution that was undergoing a regulatory driven Know-Your-Client (KYC) remediation and upon analysing the current backlog, and, after many years in the practice, we were still surprised to hear it. If KYC is so easy, why is everyone still lagging behind and struggling to find the perfect recipe for an efficient solution?
The idea that “one size fits all” is far from the reality of KYC. Multiple processes, dependencies and...
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