With the changes to the Money Laundering Regulations now in effect from the 10th of January 2024, prompted by the Nigel Farage/Coutts scandal and the subsequent review of the treatment of domestic Politically Exposed Persons (PEPs), firms are urged to reassess their Know Your Customer (KYC) procedures. The potential updates affecting the Customer Risk Assessment, Financial Crime Business-wide Risk Assessment, and Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) measures at onboarding make this a critical moment for evaluation.
In the ongoing global effort against money laundering and fraud, financial institutions have long been obligated to implement KYC practices, ensuring a comprehensive understanding of customer identities and pertinent background information. However, with regulatory landscapes evolving, it’s not just about staying vigilant; it’s also about delivering fair outcomes for clients whilst balancing processes and costs.
Watch this 60 minute webinar where we discuss the importance of KYC compliance in today’s regulatory environment.
We will outline key trends that will shape compliance in 2024 and explain the rising complexity of KYC posing new challenges such as the increase in push payment fraud and more.
Topics covered within this webinar:
1. The FCA’s main focus areas and priorities for 2024
2. How to balance customer experience with fraud protection and compliance
3. Common pitfalls and high costs of doing KYC in-house vs the benefits of using a specialised resourcing provider
How can Complyport Help?
At Complyport, we offer a complete KYC/B Compliance Managed outsourcing service to support customer onboarding processes.
Our experienced team can provide assistance with ongoing maintenance / refresh reviews, KYC/B CDD activity and remediation efforts as part of your company’s Anti-Money Laundering compliance (AML) program.
Benefits:
- Outsourcing repetitive and not profitable manual processes, allowing you to focus on higher-value activities
- Reduce the time and resources to onboard customers thus improving efficiency
- Robust, trusted process built and monitored by experts in KYC/CDD/EDD
- Flexibility to adjust the size of the team to match your needs as you grow and evolve
- Decrease KYC/B money laundering risks by reducing errors in customer onboarding with a dedicated team focused on quality and timely delivery of service
- Managing 3rd party risk
The outsourcing of AML KYC/B solutions is a cost-effective and efficient way of managing AML Compliance. Complyport will help you control your KYC operations and meet your specific and at times onerous regulatory obligations. Contact Sukh Vairea at: sukh.vairea@complyport.co.uk to book a free consultation.
About Compyport
Complyport is a market-leading consulting firm supporting the UK financial services industry for over 22 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.
Complyport can assist with the preparation of a GAP analysis and impact assessment on the investment firm’s capital adequacy and risk management framework of the Company under the regulatory framework.
We specialise in supporting the UK financial services industry with compliance guidance, advice and best practice.
- Financial Crime support and Forensics
- Compliance managed services and resourcing compliance personnel
- Skilled Person Reviews and Regulatory Investigation
- Prudential support, IFPR, ICARA and financial resilience advice
- Consumer Duty implementation advice
- Operational resilience & Cybersecurity advice
- Financial Promotions guidance, support, and management software solutions
- CASS advice and protections of client assets
- Comprehensive compliance work-flow management software
Contact Sukh Vairea at: sukh.vairea@complyport.co.uk to book a free consultation.
