Lysis Financial and Jefferson Young cordially invite you to an event that will debate – ‘KYC as a Service’ – kindly hosted by CASS Business School.Tuesday, June 24, 2014 from 8:00 AM – 10:00 AM.
Cass Business School
200 Aldersgate Street
London, EC1A 4HD
KYC Breakfast Briefing
- David Mellor (Chair)
- Steve Thomas (CASS Business School)
- Jon Sweet (Lysis Financial)
- Andrew Yuille (Thomson Reuters)
- Grahame White (ACAMS)
Increased regulatory pressure is currently being placed on Investment Banks and other Financial Institutions to tighten up their money laundering and terrorist financing checks. The serious intent of the regulators to enforce these rules and guidelines is evidenced by the implementation of massive fines, including the US$ 1.9 billion levied on HSBC less than a year ago for the violation of prescribed Know Your Client (KYC) regulations. This has ushered in a period of scrutiny and re-alignment of KYC rules for banks and other financial institutions. The bar needs to be raised inside each firm to improve the standard of internal AML and KYC policies, procedures and record-keeping.
But how does one keep the regulators happy while simultaneously keeping the operational costs down? Banks and other large financial institutions are now investigating means of outsourcing part of the increased KYC burden. A number of specialist firms now offer KYC outsourcing services where they take away the operational burden whilst operating inside the financial institution’s own policy and systems infrastructure. The FIs are also working with some of the global information providers in financial services to create KYC utilities which aim to pool KYC effort across a number of banks to reduce cost.
The operational strategies required to manage the challenges and opportunities created will form the basis of this breakfast briefing which will also focus on the shortage of trained KYC resources in the market and the training strategies that exist to mitigate this.
Full details of this event are also available as a PDF download:
The EU Regulation Exocet