Know Your Customer (KYC) is an engine that facilitates the creation and maintenance of questionnaires to enforce the collection of data and documents that are necessary to satisfy various business needs. The KYC engine is industry agnostic, and clients can use the KYC engine capabilities to create and stay up to date on their questionnaires or modify the out-of-the-box Pega questionnaires.
The KYC engine consists of two main components:
- Rule Manager Studio, which allows the user to create and maintain the questionnaires in design time.
- The runtime engine, which takes care of automatically displaying only the applicable questionnaires as defined by the relevant business logic that can consider various elements.
The Pega Client Lifecycle Management (CLM) application uses the KYC engine to adhere to various laws and regulations. For more information, see KYC Regulatory Compliance. Multiple factors trigger the questionnaires, such as the countries in which the financial institution operates and the business line to which the customer belongs.
The Pega KYC engine enables clients to reach the following business objectives:
- Apply complex regulatory requirements to the customer journey only if and when needed.
- Standardize the data and documents collected as well as the relevant processes.
- Scale in the implementation (for example, by geographic location, line of business, customer type, the product offered).
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