The December 2024 report highlights how financial institutions are struggling to implement perpetual Know Your Customer (pKYC) programs due to operational and technological constraints. While dynamic monitoring offers improved risk management, only 3 of 10 institutions surveyed have formal pKYC processes, mainly due to resource limitations and a lack of regulatory mandates. Legacy infrastructure, poor data quality, and fragmented systems hinder integration, while organizational complexity further challenges coordination. Despite these issues, institutions increasingly recognize the strategic value of KYC modernization to enhance risk oversight and customer experience.

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