Conducting KYC processes across 5 territories within a year for a brilliant bank
A leading European bank approached us with a request to help them comply with KYC regulations in five countries across Europe. They needed a partner they could trust to contact and verify all customers flagged as low or medium risk across 5 countries and languages and conduct ongoing due diligence to ensure KYC procedures are followed when onboarding customers
The challenge
The client had a high visibility regulatory requirement to retroactively conduct KYC processes within 12 months including:
Identification of customers across 5 countries and languages
Establishing contacts with a large number of customers across corporate and retail customers
Collection of missing KYC data and documents
Follow-up as needed to obtain incomplete/incorrect information
Transcom’s solution
Transcom created a time-bound project and drove the realization from a data gap analysis to successful remediation through a five-step program.
Step 1: Leading data gap analysis methods
Step 2: Client outreach
Step 3: Industry-leading collection and validation
Step 4: Regulatory form completion
Step 5: Successful remediation
The outcome
Transcom’s unique Nordic footprint of CX and KYC specialists allowed for a ramp-up of 260+ FTEs across 5 countries and languages in 7 months. We managed to deliver 60,000 KYC refreshes along with:
- Full compliance with KYC regulations and no penalties
- High-efficiency operations
- Verification of KYC status across customer base
- Action taken across low activity accounts
- Outstanding CX rating