Perpetual KYC, also known as continuous KYC, event-driven KYC or dynamic KYC, is based on the dynamic refresh of customer data in response to key triggering events. It represents an adaptive approach to KYC processes in comparison to the more traditional, reactive ways of updating KYC information. However, it does not come without its issues and can only work if certain pre-conditions are met.
This white paper, written by Themis in partnership with Encompass, seeks to examine the concept of Perpetual KYC, evaluating its benefits, challenges and feasibility as a solution, and assessing current regulatory approaches towards innovation in KYC processes. The analysis draws upon desktop analysis and relevant findings from a survey circulated amongst professionals working on KYC.