Tuesday, 19th August 2014
Chris Porter brings us up to date on the FreePint Topic Series: What You Need to Know Your Customer (KYC). Recent articles include a summary of this year's major KYC-related survey findings; a look at the triggers for deciding to outsource your KYC research activities and a checklist of things to consider if you do; and a vendor interview giving a truly global perspective on KYC developments.
The world of Know Your Customer compliance is an unceasingly active one and while for many it is the height of the holiday season, it has still been a busy time since our last update on the FreePint Topic Series: What You Need to Know Your Customer (KYC).
Key KYC Complications
If you are looking for a handy refresher on the topic, the article KYC Survey Findings from Dow Jones, KPMG and Thomson Reuters by regular FreePint contributor Sophie Alexander is a very good place to start.
Sophie provides a summary of the findings of each survey and also draws conclusions on some common themes, including pressures of time and cost, heightened regulatory scrutiny and evolving approaches regarding outsourcing and off-shoring.
To Outsource or Not to Outsource...
Darren Hickman, founder and managing director of compliance screening services company ComplianceAssist, digs further into the latter topic in his article The KYC Conundrum - Should You Outsource?
Darren provides a checklist of situations and events which could lead an organisation to consider moving to outsourcing. He also reviews some of the main approaches and providers and suggests questions to ask of a potential outsourcing partner.
KYC - A Global Issue
FreePint has also been speaking to Joel Lange, managing director of the Dow Jones Risk & Compliance business, to get his views on the key KYC challenges organisations are currently grappling with around the world.
In the Q&A with Dow Jones - Weathering the Perfect Storm of Compliance Legislation, Joel highlights what a global issue KYC is for vendors and customers alike.
Joel's wide-ranging perspective is illustrated as he comments on the differing phases of market evolution in the US, Europe and Asia-Pacific.
He also remarks on the risk and compliance impacts of recent events in Russia and the Ukraine and talks about the role of the Dow Jones Factiva service in providing compliance professionals with access to global media.
What is still to come in the series?
In future articles, Penny Crossland will be taking a look at some of the free blog-type resources which help you track risk and compliance topics, and leading vendor LexisNexis will be sharing thoughts on KYC workflow.
We will be providing an update to last year's in-depth review of the Bureau van Dijk Compliance Catalyst service and we also look forward to hearing from Bureau van Dijk on the hot topic of establishing Ultimate Beneficial Ownership.
Watch out for further updates from my series co-producer, Andrew Lucas.
This article is part of the FreePint Topic Series: What You Need to Know Your Customer (KYC), running from July-September 2014.
Register your interest now, and you'll also get a free PDF report with selected premium articles when it's published in September.
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