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Perpetual KYC

Perpetual KYC (Know Your Customer) is an advanced approach to customer due diligence that involves continuously monitoring and updating a customer's information and risk profile based on real-time triggers, rather than conducting periodic reviews at fixed intervals (like annually or every few years).

Key elements​

  • Pulls customer data from multiple sources (e.g., public records, transaction data, third-party services) continuously.
  • Reduces risk of outdated customer profiles, helping financial institutions stay compliant with AML (Anti-Money Laundering) and other regulations.

Benefits​

  • Reduces compliance risk
  • Improves customer experience (less paperwork)
  • Cuts operational costs by automating manual reviews
  • Enables faster detection of suspicious activity

Perpetual KYC in Harmoney​

Within Harmoney perpetual KYC can be configured based on the specific requirements of the customer. Continuous screening at dedicated times of the due diligence providers will be performed. When the due diligence information of the dossier has changed, the dossier will end up in a different status than it was before, to highlight the necessary review. Implementing a lifecycle field, also allows filtering on these specific dossiers.