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Webinar: Customer due diligence and know-your-customer innovation for COVID-19 recovery

Webinar: Customer due diligence and know-your-customer innovation for COVID-19 recovery

May 22, 2020    

Cenfri, in conjunction with FSD Africa, hosted a webinar on customer due diligence innovations for COVID-19 recovery – options, challenges and opportunities. These are the key takeaways. 

The following challenges were highlighted during the discussions:

  • COVID-19 has changed the way financial risks are experienced and hence require a revamp of current AML-CFT approaches
  • Increasingly limited capacity of regulators to cope with COVID-19 induced risks
  • Infrastructure challenges limiting the adoption and roll-out of innovative KYC and CDD options (e.g. remote KYC)
  • Limited contextualisation and adoption of recent FATF guidance on digital ID as well as guidance on COVID-19 risks and response
  • Limited capacity of institutions and regulators regarding addressing risks

The following KYC and CDD options and opportunities were highlighted for COVID-19 recovery:

  • COVID-19 specific regulatory dispensations and flexibilities to enable innovation
  • Collaborative KYC and CDD, especially to address infrastructure limitations
  • Enhanced communication, information sharing and guidance for stakeholders (regulators, business, FSPs and COVID-19 stakeholders)
  • Increased sharing of financial intelligence among authorities
  • Design new products amenable to remote KYC and align risk controls with anticipated higher risks that may arise due to remote KYC
  • Crowdfunding to reduce remittance costs for senders and receivers
  • Increased use of reg-tech to enable remote KYC (including in a collaborative way as in above)

Download the presentation Size 841 KB

This work forms part of the Risk, Remittances and Integrity programme, a partnership between FSD Africa and Cenfri.

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June 2, 2020 -
Matthew@cenfri.org