Perpetual Know Your Customer

Moving to a Perpetual Know Your Customer (PKYC) Model Discover how building robust data foundations with D&B can help you to reap the cost-saving and risk mitigation rewards of a Perpetual Know Your Customer (PKYC) model.
Reducing compliance costs and mitigating risks The Perpetual Know Your Customer Model is one such model that harnesses the data lead approach to onboarding. It cuts down on cumbersome processes such as ‘repapering’ which hinders businesses currently using a full manual periodic review from maintaining client files properly. PKYC also reduces costs by enabling financial services to scale their efforts depending on the amount of change to client activity, while ensuring security always remains a priority. Ultimately, the PKYC model is responding to the industry’s need to digitally transform, and it is fast becoming an attractive option because it can offer better compliance, at a lower cost.
Support in getting the three main elements right

While the PKYC approach holds some extremely competitive benefits for financial services organisations that decide to transition to the model, there are some common stumbling blocks to overcome. Getting the foundations right is imperative and this will require you to align three main elements.

  • A solid data-led approach to sourcing the required
  • A clear policy that covers all situations.
  • A workflow layer that has the ability to apply to rules automatically.

Dun & Bradstreet guides financial organisations through the transition to a PKYC model from a full periodic review. Our data specialists ensure your business has a steady and connected flow of quality data – because the standard of data you put in will determine the results that you get out.

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