So, your company has decided to embark on an update of its legacy Know Your Customer (KYC) system. You’ve completed your internal diligence and collected the various internal signoffs and approvals. Now, it’s time to present your new KYC technology solution to your regulator.
No regulator will “approve” or endorse a vendor solution—instead it will review the new system to ensure it is commensurate with the risk profile of the institution and that it complies with regulatory requirements as well as the institution’s internal policies and procedures.
