According to Capgemini, the tool enables financial services companies to migrate from so-called static KYC processes towards a ‘perpetual’ or fully-automated approach.
,The sandbox provides a “secure test environment” for firms to model and monitor the migration to a perpetual process and the potential benefits in terms of operational management.
,One of these benefits, according to Capgemini, is a potential reduction in fraud give that a static KYC offers opportunities for fraudsters to engage in money laundering.
,“Static KYC processes present opportunities for financial criminals to exploit gaps and weaknesses,” said Manish Chopra, global head of risk and financial crime compliance at Capgemini.
,“The pKYC sandbox capability marks a significant advance for industry compliance, meeting regulators’ growing expectations of responsible innovation.”
,KYC compliance has become a costly and time-consuming process for firms ever since its introduction.
,The launch of the KYC sandbox comes weeks after Capgemini acquired Dutch regtech Delta Capita as the French firm looks to expand its portfolio of financial crime and compliance products.
