Industry News
The key outputs from the discussion included:
➡️pKYC has broad support but limited live adoption. Most firms still run periodic reviews on one, three and five year cycles, even though UK regulation does not mandate fixed review periods.
➡️ Regulatory pressure is the main catalyst. Where pKYC is live, a regulator has usually pushed for it. Organisational appetite, not financial crime appetite, is the main blocker.
➡️Data access is a harder constraint than technology. Registry maturity varies widely by jurisdiction, and cross-border visibility drops away quickly.
➡️Cost is seen as a barrier, but the operational and regulatory savings point the other way. The upfront investment is the real hurdle.
➡️Synthetic identity is the next wave of document forgery. Camera injection and deepfake liveness bypasses are now sold as services, and technical fixes only hold temporarily.
➡️Senior leaders are cautious about signing off models whose controls they cannot yet explain. Clear control frameworks for automated decisioning will be key to moving forward.
