In 2004, a colleague and I had the idea of building a search string of negative words in several languages and applying that to a corpus of news content to support our banking clients with their KYC efforts. Thus was born the world’s first adverse media search tool, Nexis Diligence, and quite some time before the FSA (now Financial Conduct Authority) recommended the use of such tools for KYC.

Today, and now running a KYC technology business, I think it is inevitable that best practice guidance will soon enough be looking to add high frequency monitoring to the two existing KYC pillars of activity, onboarding due diligence and periodic refresh.

But many are daunted by the prospect of implementing a high frequency KYC monitoring programme – the prohibitive capital costs, the huge increase in operating expenditure to manage the increased workload, the nightmare scenario of creating another transaction monitoring-type SARs headache: it’s hard to know where to start.

Despite the challenges, we sense an increased appetite by banks to stay one step ahead of the regulator by implementing such a programme. So, with the benefit of the last 15 years’

Full white paper can be found here: https://smartkyc.com/resources/