Investment management firms face significant financial crime risks and regulatory scrutiny, making robust AML compliance essential. Key strategies include developing comprehensive KYB/KYC procedures, adopting a risk-based approach, ensuring ongoing monitoring, and leveraging automated systems to streamline compliance processes and enhance accuracy. … Read More
Author Archives: Natalie Davies
Should you build or buy a KYB compliance solution?
Firms face a crucial decision when it comes to KYB compliance: build an in-house system or purchase a third-party solution. While building offers customisation and control, most firms opt to buy automated solutions for faster implementation, cost-efficiency, and scalability to meet evolving regulatory demands. … Read More
Striking the right balance: Streamlining AML compliance and onboarding efficiency
Firms in the UK face the challenge of balancing stringent AML compliance requirements with efficient client onboarding processes. By adopting a risk-based approach and leveraging automated technologies, firms can streamline due diligence and monitoring efforts, improving both regulatory adherence and operational efficiency. … Read More
What is the significance of risk appetite in a risk-based approach?
The risk-based approach to KYB compliance allows firms to apply tailored due diligence based on the level of risk a client poses, ensuring efficient resource allocation and mitigation of financial crime. Automated KYB solutions streamline this process, aligning with a firm’s unique risk appetite while adapting to evolving business needs. … Read More
Making better, faster KYB compliance decisions in the legal sector
UK legal firms must ensure robust KYB compliance to meet regulatory requirements, prevent financial crime, and protect their reputation. By adopting advanced technology, a risk-based approach, continuous monitoring, and investing in staff training, firms can streamline KYB processes, enhance collaboration, and improve compliance outcomes. … Read More
Overcoming the challenges of fragmented KYB
Fragmented KYB can hinder onboarding and AML compliance by creating data silos, increasing operational complexity, and limiting visibility. A unified KYB solution simplifies the process by integrating with existing systems, offering real-time verification, and providing a streamlined, cohesive approach to compliance and risk management. … Read More
6 time-saving tips for KYB compliance in legal firms
Effective Know Your Business (KYB) compliance is essential for legal firms in the UK, but the process can be time-consuming. By leveraging technology, centralising compliance management, and allowing clients to self-serve, firms can streamline KYB processes, reduce manual tasks, and improve efficiency while maintaining regulatory standards. … Read More
Increasing time to value from your KYB software provider to achieve your growth plans
Efficient Know Your Business (KYB) processes are crucial for compliance and business growth. Automating KYB with the right software, like NorthRow’s WorkStation, accelerates onboarding, reduces manual workload, and ensures regulatory adherence, enabling firms to achieve faster time to value and enhance operational efficiency. … Read More
Global KYB compliance at a glance: Streamlining your due diligence process
In the regulated lending industry, compliance with Know Your Business (KYB) requirements is essential for avoiding penalties and managing financial risks. By adopting best practices such as leveraging technology, implementing a risk-based approach, and centralising data, firms can streamline the KYB process and improve both efficiency and compliance outcomes. … Read More
How to unravel complex corporate structures and unveil the truth behind international entities
Unraveling complex corporate structures and identifying Ultimate Beneficial Owners (UBOs) is a significant challenge for compliance teams in the UK lending industry, especially with international entities. Technology can simplify this process by providing global data coverage, clear corporate relationship mapping, and real-time UBO verification, streamlining due diligence and ensuring regulatory compliance. … Read More