KYC: Challenges and Best Practices for 2024

In light of the impending changes to the Money Laundering Regulations scheduled to take effect on the 10th of January 2024, prompted by the Nigel Farage/Coutts scandal and the subsequent review of the treatment of domestic Politically Exposed Persons (PEPs), firms are urged to reassess their Know Your Customer (KYC) procedures. The potential updates affecting the Customer Risk Assessment, Financial Crime Business-wide Risk Assessment, and Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) measures at onboarding make this a critical moment for evaluation.


In the ongoing global effort against money laundering and fraud, financial institutions have long been obligated to implement KYC practices, ensuring a comprehensive understanding of customer identities and pertinent background information. However, with regulatory landscapes evolving, it's not just about staying vigilant; it's also about delivering fair outcomes for clients whilst balancing processes and costs. Join us for this informative webinar where we will discuss the importance of KYC compliance in today's regulatory environment.


We will outline key trends that will shape compliance in 2024 and explain the rising complexity of KYC posing new challenges such as the increase in push payment fraud.


Topics covered within this webinar:


1. The FCA's main focus areas and priorities for 2024
2. How to balance customer experience with fraud protection and compliance
3. Common pitfalls and high costs of doing KYC in-house vs the benefits of using a specialised resourcing provider


For tailor-made services that align with your company’s needs, get in touch with Complyport. Let us be your trusted partner in achieving KYC excellence and meeting your regulatory obligations.




Contact us today:
Email: [email protected]
Phone: +44 (0)20 7399 4980
Website: www.complyport.com