Remediation : the cornerstone of a good KYC policy - Hyarchis
Opinion matters

Remediation : the cornerstone of a good KYC policy

published 2024-03-06
byRobbert ter Hart

Remediation is the last of the three major building blocks of a good KYC policy.

Onboarding is the process of ensuring that you do not take on criminals as customers, monitoring means keeping an eye on whether a customer stays on the right path, and remediation is putting things right if there are issues.

The latter may be a bit too simplistic, but it contains a grain of truth. Archives and customer files become contaminated over time. For example, through migration to new systems, or because customers do not report changes in their situation.

If these backlogs increase, it can turn into a major headache. In recent years, many financial institutions have been reprimanded by the regulator because they did not have their customer files in order. The only thing that helps is to free up a lot of capacity (read: manpower) to solve this – capacity that is at the expense of commercial activities.

Automation can help with this process. Our solutions eDiscovery, Document Recognition, GDPR Compliance and Data Integrity help with the automated completion of customer profiles, so that you can cope with compliance risks.

Automation can help

Our state-of- the -art document processing system automatically reads documents, extracts the correct information, compares data with other sources and makes sensitive information unreadable, if required by law. We do this using artificial intelligence and machine learning systems, limiting the use of manpower to a minimum. This can now be employed more usefully elsewhere.

Written by
Untitled design
Robbert ter Hart
Communications Strategist

More interesting posts

Welcome to the team post (1)
Remediation : the cornerstone of a good KYC policy

Remediation is the last of the three major building blocks of a good KYC policy....

Read more
Monitoring: the heart of a good Customer Due Diligence policy

The Wwft requires financial institutions to subject customers to a periodic audit to monitor customer behavior and identify deviations....

Read more
Welcome to the team post
Onboarding: the battle for the customer

Financial institutions have to adhere to a lot of rules. They have to check the identity of their customers, check whether they are...

Read more

Want to learn more? Subscribe to our monthly newsletter and stay one step ahead!

Contact information