Conducting KYC processes across 5 territories within a year for a brilliant bank

A leading European bank approached us with a request to help them comply with KYC regulations in five countries across Europe. They needed a partner they could trust to contact and verify all customers flagged as low or medium risk across 5 countries and languages and conduct ongoing due diligence to ensure KYC procedures are followed when onboarding customers

The challenge

The client had a high visibility regulatory requirement to retroactively conduct KYC processes within 12 months including:

Identification of customers across 5 countries and languages 

Establishing contacts with a large number of customers across corporate and retail customers

Collection of missing KYC data and documents

Follow-up as needed to obtain incomplete/incorrect information

 

Transcom’s solution

Transcom created a time-bound project and drove the realization from a data gap analysis to successful remediation through a five-step program.

Step 1: Leading data gap analysis methods

Step 2: Client outreach

Step 3: Industry-leading collection and validation

Step 4: Regulatory form completion 

Step 5: Successful remediation

 

The outcome

Transcom’s unique Nordic footprint of CX and KYC specialists allowed for a ramp-up of 260+ FTEs across 5 countries and languages in 7 months. We managed to deliver 60,000 KYC refreshes along with:

1. Full compliance with KYC regulations and no penalties
2. High-efficiency operations
3. Verification of KYC status across customer base
4. Action taken across low activity accounts
5. Outstanding CX rating