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Misclassified Business Customers Threatening Your KYC Program?

Post Categories: Blog

By: Georisa Chang, Marketing Specialist


Business customer misclassifications can negatively impact the effectiveness of your Know Your Customer (KYC) program. Financial institutions are feeling pressure from regulators due to increased scrutiny on high-risk business types (see examples in the infographic below). The real challenge is knowing whether or not they exist in your portfolio.


In the current regulatory environment, portfolio transparency is critical to ensuring strong BSA/AML compliance. You need to know the risk that your customer poses so you can monitor them accordingly and ensure that your customers continue to align to your risk profile.


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