Transforming KYC Collection in Compliance

Case Study One: International Acquiring Bank

Learn how worked with the Compliance department of an international acquiring bank to save significant effort and money, whilst enhancing reputation and eliminating customer data security concerns. The focus of the case study was primarily relating to the requesting of KYB/KYC documents during ongoing monitoring.

1. Summary of the Facts

As a regulated entity, an Acquirer is obliged to regularly review and update customer information kept on file, via the process of ongoing monitoring. Information collected includes valid and current ID documents, and a proof of address. In terms of KYB; details of any changes to the structure, ownership or financial results are required. Proof of robust AMLCFT procedures and training performed by the customer is also typically requested and reviewed.

Occasionally, customer reviews may also be triggered by high-value transactions or unusual activity identified on the account.

2. Analysis of the Problem

In common with many of their industry peers, post-onboarding compliance outreach has traditionally consisted of an exchange of emails. This is both time-consuming for the compliance officers and not in step with the automation and robust workflows experienced by other parts of the business. With the acquiring bank experiencing significant growth over the past 18 months, it is becoming increasingly difficult to manage the volume of reviews with the current compliance department headcount.

Customers expressed concern at emailing their confidential KYC and KYB documents, with some refusing to do so. This essential process has been identified as having the risk of causing discontent within the client-base.

To analyse the problem, it was neccessary to break it down with as much granularity as possible until the team were left with the sub-problems that formed the whole. Using a high level of abstraction, these comprised of seven main considerations:

  • Costly process in the current form;
  • Minimum level of staff experience required;
  • GDPR data storage considerations (emails etc.);
  • Onboarding knock-on effect;
  • Process not scaleable, auditable, or precise;
  • Staff morale considerations;
  • Possible long-term reputational impact.

3. Alternatives vs

Although dozens of high-quality file sharing platforms exist, the vast majority are pretty generic, sometimes clunky to use, require a degree of familiarisation for your end-customers, and are limited/non-existent in terms of customisation and branding. As a result, chaos can easily ensue. Deep integration with existing key systems can also be a significant challenge.

By contrast, has been written specifically for the one-click instructed collection of confidential documents, requires zero customer training, and is carefully designed to ensure that all touch-points for your customers reflect an extension of your own website, email branding, and services. The platform has been designed with with the option of API integration built in.

More information

If you are still looking for more information, or want to discuss your specific requirements, you can reach our team on [email protected].

Deterix Ltd, Trading as 1ST JANUARY 2023