Utilities for Anti-money Laundering (AML), Know Your Customer (KYC) and Transaction Surveillance
The Industry Challenge
Several banks still have disparate processes and systems for KYC and on-boarding new customers. Today, there is an increasing need to identify synergies and centralize the key AML/KYC and on-boarding functions.
Infosys Consulting believes that firms need to simplify on-boarding and KYC processes and move towards a harmonized operating model for a consistent client definition across all business functions. Our offerings focus on helping a client move from disparate programs/platforms to a centralized utility model driven by service level agreements (SLAs). Our offering has two basic components:
- An assessment to evaluate the existing landscape along with recommendations for a roadmap to centralize the key processes and systems. Screening the landscape allows us to assess the possibility of seamless integration with downstream systems, conduct a cost-benefit analysis and develop an actionable roadmap to achieve the future state of AML/KYC operating model harmonization and process modernization. Finally, we define and restructure the risk assessment framework.
- The second component comprises of design, conceptualization, build, and integration with centralized reference data utilities to assist in setting up utilities. This is done by:
- Solution definition, outreach, end-user management, end-to-end program management, and infrastructure management
- Defining an operating model/governance framework in a multi-vendor environment
We are establishing a Center of Excellence for managing requirements and validation. This will help: Set up a requirements management teamEstablish dependency management and traceabilityDefine scenarios and data sourcing templatesEstablish a change management process
As our offering integrates with existing market utilities, clients can evaluate these existing utilities and assess fitment against desired capabilities and outcomes. Our offering helps to identify and recommend system changes that are necessary to manage differences within client reference data. It also defines the framework to leverage utilities’ data for key processes.