pKYC refers to Perpetual Know Your Customer. This concept expands on traditional KYC by ensuring that customer information is continuously updated throughout the customer relationship. This includes periodic reviews of customer profiles to detect changes in behavior, risk factors, or other elements that may require further scrutiny.
By leveraging Kang Fintech Solutions’ APIs, financial institutions can:
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Continuously monitor and update customer information with minimal manual intervention.
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Automatically flag high-risk customers or transactions.
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Ensure compliance with pKYC standards set by COBAC to maintain real-time monitoring.
Importance for Clients:
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Ensures that customer data is always accurate and up-to-date.
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Helps financial institutions remain compliant with evolving regulatory standards.
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Enhances customer trust by demonstrating an ongoing commitment to due diligence.
