KYC Automation for Scale - Any pitfalls or unexpected hurdles?
Hey everyone, I'm trying to get a better handle on the real-world implications of scaling KYC processes. We're looking at various solutions to automate more of our client onboarding and ongoing monitoring, particularly across different jurisdictions which obviously adds layers of complexity. While the vendor demos are all polished, I'm curious about the practical, day-to-day experience.
For those who've implemented significant automation, what were the major headaches or unexpected hurdles? I'm thinking beyond the obvious of initial integration costs or data migration. Did you run into unforeseen regulatory interpretations in specific regions, or perhaps issues with the accuracy of automated checks that required more manual intervention than anticipated? Any insights on managing false positives without overwhelming a compliance team would also be highly appreciated. Just trying to gather some battle-tested perspectives before diving deeper.