KPMG launches a new smart Customer Due Diligence platform

By Joy Dumasia

KPMG UK has launched an innovative cloud-based platform KPMG Smart Customer Due Diligence (CDD), that optimises CDD business operations to reduce the total cost of KYC compliance generating potential cost reductions of up 40 per cent.

CDD and KYC are complex and cumbersome, meaning resource-heavy middle and back-office functions often manage it without connectivity to sales and customer relationship management systems. These challenges persist across onboarding, periodic review, ongoing monitoring and remediations in the financial crime space.

Unlike other CDD solutions targeting specific pain points in the compliance process, the new solution uses third-party integration as a standard. It provides granular management information and a full audit trail, with clear hand-offs and escalations. As a result, the toolkit can handle the entire CDD end-to-end journey, driving efficiencies and headcount reduction.

Simon Mansell, KPMG UK Forensic Head of CDD, said: “With organisations’ recovery from the pandemic underpinned by growth and expansion, their risk exposure will undoubtedly intensify as they seek to percolate into new markets. With increasing uncertainty and regulatory oversight in global economic markets, they need to know that all relevant customer information is correct. This innovative ‘out of the box’ CDD tool, combined with our operational excellence, gives us the unique ability to build and deliver a high-quality service, giving clients peace of mind as they get back on their feet.”

IBS Intelligence reported that KPMG Singapore had appointed Anton Ruddenklau as head of financial services with immediate effect. Before the appointment, Ruddenklau was the global co-leader of FinTech for KPMG International and partner and head of digital and innovation for financial services in KPMG in the UK.