Protiviti and the International RegTech Association (IRTA) conducted a global study to investigate the effectiveness of existing anti-money laundering (AML) know your customer (KYC or AML/KYC) processes, their impact on customer experience across various jurisdictions and the efforts by financial institutions to innovate KYC controls. This study focuses on the optimization of KYC processes, providing a blueprint for adopting more efficient and effective KYC processes that improve customer experience and promote financial inclusion.

Our recommendations lay out how existing policy frameworks and mechanisms can be leveraged to drive the understanding, testing and adoption of KYC optimization. We also suggest practical next steps for creating new mechanisms and digital assets that can help institutions overcome key challenges to KYC optimization within and across jurisdictions.