KYC
Getting Started Audio
Questions Panel
Presenters Abi Smith
James Pearson
Agenda ●
The Problem
●
Implications
●
Current Solutions
●
Future of KYC
●
Find out More
●
Q&A
The Problem “£24 billion (is laundered) through UK regulated businesses” Home Office, 2013
“5% of GDP is laundered by criminals every year” UN Office on Drugs and Crimes, 2011
Implications
Supervisory Bodies
Regulations ●
EU 4th AML Directive
●
Draft Money Laundering Regulations 2017
●
Anti-money laundering Practice note 2013
●
Law firms and the risk of AML (SRA)
●
FATF Recommendations 2012
●
CCAB Anti-Money Laundering Guidance: 2008
●
AML Good Practice Guide 2016
Fines & Punishments AML/CTF Compliance inspections carried out by supervisory bodies 2013-2014
2014-2015
Accountancy
6,485
7,944
Legal
974
4,424
IDENTIFY
KYC
MONITOR
RECORD
REPORT
“Know your customer (KYC) is the process of a business identifying and verifying the identity of its clients.”
What does KYC include ● ● ● ● ●
Customer Identification Sanity Checks PEPs Screening Enhanced Due Diligence Ongoing Monitoring
Current pain points for professionals carrying out KYC: 1. Lengthy Client Inception Process 2. Un-billable hours 3. Record keeping and audit trail 4. Consistent policy adherence 5. Data Reach and Coverage
Current Solutions
Increase Staff
Outsource to External Consultants
Invest in Technology
Using KYC to your advantage 1. 2. 3. 4. 5.
Focus on Business Growth Reassurance of Policy Adherence Customer Satisfaction Protect Your Reputation Reduce Compliance Costs
Find out More Blog: Human Error in Customer Onboarding and how to solve it. Report: Thomson Reuters 2016 Know Your Customer Survey Report: HM Treasury AML/CTF Supervision Report Regulation: Money Laundering Regulations 2017 Event: International Compliance Association Annual Conference
Questions Panel
Presenters Abi Smith
James Pearson
Agenda ●
The Problem
●
Implications
●
Current Solutions
●
Future of KYC
●
Find out More
●
Q&A
The Problem “£24 billion (is laundered) through UK regulated businesses” Home Office, 2013
“5% of GDP is laundered by criminals every year” UN Office on Drugs and Crimes, 2011
Implications
Supervisory Bodies
Regulations ●
EU 4th AML Directive
●
Draft Money Laundering Regulations 2017
●
Anti-money laundering Practice note 2013
●
Law firms and the risk of AML (SRA)
●
FATF Recommendations 2012
●
CCAB Anti-Money Laundering Guidance: 2008
●
AML Good Practice Guide 2016
Fines & Punishments AML/CTF Compliance inspections carried out by supervisory bodies 2013-2014
2014-2015
Accountancy
6,485
7,944
Legal
974
4,424
IDENTIFY
KYC
MONITOR
RECORD
REPORT
“Know your customer (KYC) is the process of a business identifying and verifying the identity of its clients.”
What does KYC include ● ● ● ● ●
Customer Identification Sanity Checks PEPs Screening Enhanced Due Diligence Ongoing Monitoring
Current pain points for professionals carrying out KYC: 1. Lengthy Client Inception Process 2. Un-billable hours 3. Record keeping and audit trail 4. Consistent policy adherence 5. Data Reach and Coverage
Current Solutions
Increase Staff
Outsource to External Consultants
Invest in Technology
Using KYC to your advantage 1. 2. 3. 4. 5.
Focus on Business Growth Reassurance of Policy Adherence Customer Satisfaction Protect Your Reputation Reduce Compliance Costs
Find out More Blog: Human Error in Customer Onboarding and how to solve it. Report: Thomson Reuters 2016 Know Your Customer Survey Report: HM Treasury AML/CTF Supervision Report Regulation: Money Laundering Regulations 2017 Event: International Compliance Association Annual Conference
