Anand said the importance of a firm grasp of customer operations should also extend to third parties – what is called in the industry ‘knowing your customers’ customer’ or KYCC.
“If you know your customer (KYC) and you know what sort of product they are involved in, you should by then also have a sense of [their] customer base,” he said.
“A lot of [businesses] find this a little onerous at times, particularly trading entities where this becomes more complicated.”
Evans believes this should not deter financial-services providers from doing their homework.
“The first thing we've got to do is stop looking at KYC or compliance as being a barrier,” he said.
“What we've got to do is embrace it. It is each of our responsibilities to actually detect and prevent financial crime, because it's good for society and it's good for the communities in which we operate.”
The two experts also discussed how integrating compliance early in a product lifecycle can enhance the customer experience and the importance of implementing robust staff training and knowledge-sharing systems in financial services.
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Arun Kayal is Associate Director, Communications at ANZ Institutional
This article was originally published on ANZ’s Institutional website.