The Next Frontier in KYC and AML: Intelligent Automation-led Transformation

17 Jun 2020
by Manu Aggarwal, Robin Jain, Akanksha Pathak

Know Your Customer (KYC) and Anti Money Laundering (AML) processes form the backbone of financial institutions’ financial crime and compliance programs. These processes have been traditionally manual, with agents screening and monitoring activities largely on their own. However, a manual approach faces several challenges, such as continuously evolving regulations, high cost of ownership, and limited business continuity.

Intelligent automation can help institutions revamp their KYC and AML processes and achieve several business benefits. Simple automation of repetitive tasks can act as a stepping-stone and should be followed by the implementation of intelligent automation solutions to reduce agent intervention. As banks embrace digital transformation more rapidly, such projects can act as business cases that help drive the overall transformation agenda.

This paper explores the challenges associated with the currently deployed manual approach to KYC and AML processes, the evolution of KYC and AML processes, and how intelligent automation can help meet the challenges effectively.


Industry: Banking and Financial Services (BFS)

Geography: global


In this paper, we discuss:

  • The pressures to improve KYC and AML processes
  • Current state of KYC and AML processes
  • Evolution of KYC and AML processes
  • How intelligent automation can help achieve digital transformation
  • The way forward


Banking and Financial Services (BFS) - Business Process Outsourcing (BPO)


Page Count: 17