Alacra, Inc., a leading provider of online business information solutions, announced today the release of “Best Practices in KYC for Financial Institutions,” a white paper which answers the question most frequently asked of Alacra during compliance workflow discussions, “What are other banks doing to meet these challenges?”
During configuration meetings with clients, the question Alacra is most often asked is “What are other banks doing?” While regulatory regimes differ around the world and KYC processes and procedures vary greatly from bank to bank, Alacra has put together this white paper which identifies best practices in three key areas of the Know-Your-Customer process:
- Customer Identification,
- Customer Due Diligence and
- Ongoing Monitoring.
“In our experience, the firms that are focused on standardizing and automating their processes relating to KYC and on-boarding are much less likely to experience painful audits from the regulators,” said Alacra CEO, Steve Goldstein. “A consistent process is critical to reducing costs and minimizing counterparty and regulatory risk.”
Link to Alcara press release and whitepaper: click here