Many of the documents recount the early days of the Dutch East India Company
Arthur Brand, nicknamed the 'Indiana Jones of the Art World' for his high-profile recovery of stolen masterpieces, said the latest discovery
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Celonis and Bright Cape have developed a new application designed to help financial institutions improve their Know Your Customer (KYC) compliance processes, manage costs, and enhance customer satisfaction. The app, named the Celonis Smart KYC Control Tower, targets challenges faced by financial organisations in meeting regulatory requirements for anti-money laundering, anti-terrorist financing, and general financial crime prevention. KYC compliance is widely acknowledged as a critical area of focus for banks and financial entities, yet current processes remain resource-intensive and contribute significantly to overall compliance costs - amounting to as much as 33% of compliance budgets in major financial sectors. Celonis partnered with Dutch consultancy Bright Cape to develop the Smart KYC Control Tower, which is positioned as an accessible, central application aiming to modernise what has traditionally been a fragmented and labour-intensive workflow for KYC. By providing financial institutions with a centralised and real-time view of KYC operations, the app's objective is to support increased efficiency, ensure regulatory compliance, and enable institutions to scale these crucial operations as business demands evolve. "Financial institutions face mounting pressure to improve compliance while reducing costs," said Chris Johnston, SVP, Head of Global Banking at Celonis. "The Smart KYC Control Tower app enables compliance teams to eliminate inefficiencies, improve risk management, and deliver a superior customer experience - all with the power of Process Intelligence and AI." Built on Celonis' Process Intelligence Platform and drawing on Bright Cape's extensive experience in the KYC field, the app delivers several key features. Among those are end-to-end process monitoring and improvement, which consists of a centralised interface for institutions to map, analyse, and optimise KYC functions - such as onboarding new customers and handling event-driven reviews. Regulatory compliance assurance is undertaken through real-time insights, allowing for early detection of compliance risks, prevention of service level agreement (SLA) breaches, and support of adherence to global standards for financial regulation. Additionally, by identifying inefficiencies and potential manual tasks for automation, the solution seeks to optimise resource allocation and curb operating costs associated with compliance functions. The Smart KYC Control Tower also seeks to improve the customer experience via expedited and smoother onboarding processes, which the companies believe will drive customer satisfaction and foster loyalty over time. Central to the solution is the use of the Celonis Process Intelligence Graph. This technology equips financial institutions with both a holistic and dynamic overview of KYC activity, integrating directly with the institutions' existing systems. The objective is to facilitate real-time monitoring, introduce intelligent automation options, and allow for proactive risk and compliance management that is informed by continuous data flows. Unlike older KYC solutions that are often dependent on tailored builds and protracted implementation periods, the Smart KYC Control Tower is described as ready-to-deploy, meaning it can be put in place swiftly. This fast deployment is intended to translate into quicker realisation of benefits, as institutions can immediately monitor, adjust, and refine their KYC processes based on up-to-date operational insights. The solution forms part of the wider Celonis Platform Apps Program, which aims to deliver business value with applications built specifically for individual industry requirements on the Celonis Process Intelligence Platform.
