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Old 18-09-2020, 10:16 PM
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Originally Posted by FATFMember View Post
Glad to have someone in this forum who is shedding real light on the current kyc landscape. In the space of Regtech, one area which can be immediately deployed would be RPA - aggregation data points from various systems and arranging them in an orderly manner. I'm sure you would have also understood the pain of the time taken to just collect documents and still wondering if there could still be missing pieces of crumb lying around
Yes indeed. Not to mention, there are many banks with incomplete/outdated client information in their systems / wherever they are keeping the records at. This exacerbates the problem that you have rightly pointed out in your earlier post...essentially "garbage in, garbage out" - feed incorrect parameters, we'll get incorrect results. This might sound crazy, but it'll be cheaper to maintain physical headcounts to handle this issue than to address the source of the problem (i.e. the systems)...until the business reaches a stage where it will be more cost-efficient to overhaul their systems/processes entirely.

To those who are starting out in this line - be open to learning other things outside of your usual BAU, learn the end-to-end process, the IT parts and etc. Sounds easy but over the years I've seen so many people refuse to step out of their own comfort zone, and these ppl are pretty stuck in a dead-end...that is to say, their future career options are pretty much limited to what they have been doing all the while... it's easy and tempting to go for the highest paying one but don't be baited by the honey trap. And lastly... don't expect your career (i.e. your pay grade) to fly from the start or within the next few years after starting out... let's be real - being in AML/KYC, you are not some superstar that'll bring in the dough for the business...even if you have the necessary skill sets the role is looking for, don't expect superstar's treatment.. no one is irreplaceable... that is my personal take...

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