An increase in regulation is adding complexity to customer due diligence requirements for financial service firms worldwide and teams are struggling to manage ever-changing rules while juggling multiple responsibilities. 

This research survey looks into the day-to-day challenges faced by compliance and onboarding professionals. We appreciate you taking the time to complete this short 3 minute questionnaire to contribute to our research into onboarding challenges within Financial Services. 

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* 1. What area of business do you work in?

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* 2. Are you involved in the third-party onboarding process?
If no, thank you for your interest in the survey, we are only gathering feedback from peers who are involved in the KYC process at this time.

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* 3. What type of customer does your firm onboard?

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* 4. How would you rate the ease of which your current processes allow you to perform KYC when onboarding each customer type?

  Easy Manageable Challenging
Large Corporates
Mid-Market
SME
Individual / Sole Trader

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* 5. What challenges do you face when performing KYC?

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* 6. How many different data sources do you use to onboard a customer?

  0 1-2 3+
Business Information
AML Screening
ID Verification
Registries
Regulators 

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* 7. How would you rate the following challenges when it comes to gathering KYC data?

  No Challenge Some Challenge Significant Challenge
Language barriers
Lack of available data
Cost of data
Format of data
Consistent Process across your business

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* 8. What are your top 3 challenges in KYC?

  1 2 3
Target Entity Corporate Structure
Identification of Beneficial Ownership
Biometric Authentication
Documentation Authentication
PEPs and Sanctions Screening
Adverse Media Research and Analysis
Applying Risk Ratings
Keeping Auditable Records
Storage of Documents and Notes
Ongoing Monitoring

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* 9. What are you currently doing to overcome these challenges?

  Currently doing Will be evaluating in the next 6 months Will be evaluating in 6+ months No Plans 
Implementing customer onboarding technology
Automating manual processes
Integrating additional data sources into KYC process
Hiring more compliance staff
Increasing training for compliance staff
Increasing quality control processes

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* 10. Do you currently use, or plan to implement, automation in your KYC process?

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* 11. If you currently use automation in your KYC process, how would you describe the impact this has had on your business?

0 of 11 answered
 

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