Related Terms
DEFINITION
Client Remediation
Client remediation refers to the process of updating and correcting information, documentation and risk assessments for clients when deficiencies, gaps or inconsistencies are identified, often through KYC reviews or regulatory examinations.
Synonyms
KYC Refresh, Data Cleanup
Acronyms
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Synonyms
KYC Refresh, Data Cleanup
Acronyms
–
Examples
The bank’s annual KYC review identified missing beneficial ownership information for some corporate clients, triggering a remediation exercise to collect the required data.
FAQ
What prompts client remediation exercises?
Remediation can be triggered by regulatory orders, internal audit findings, KYC refresh backlogs, or data quality issues.
How can technology streamline client outreach and data collection?
Client portals, automated notifications, and API integrations with client data sources can accelerate outreach and refresh.
What challenges do banks face in client data remediation?
Challenges include contacting dormant clients, verifying data accuracy, handling unresponsive clients, and cleansing data in multiple systems.
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worldwide trust Atfinity to drive their digital transformation.
Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.