Building Societies

Knowing Your Customer is no longer sufficient. You need to be able to understand your customer in order to safeguard the business from risk exposure. … Read More

A world of binary results of either pass or fail, (Green or Red) would be nirvana; but that just isn’t realistic. There will always be cases that require further due diligence before you safely commit to onboard, or continue to interact with the customer, or not. Ambers are those cases that fall between the ‘accept’ or ‘decline and cause your business a challenge. … Read More

For a moment, let’s imagine we have achieved the Nirvana state of functional, continuous KYC. Where does that get us? Because KYC files, of themselves, are useless. They always have been. … Read More

Digital transformation projects have been fast-tracked for Building Societies Learn more now. … Read More

Press Release -7th April – FinTech Innovation Network (FIN) has launched with over 300 featured solutions. Initially focused within the financial crime space, the platform includes profiles from organisations such as Arachnys, Dow Jones, iProov and Pegasystems. FIN provides detailed … Read More

Beneficial ownership verification and ongoing monitoring is now an essential component of the KYC onboarding and anti-financial crime procedures. However, peeling back the complex legal structures designed to conceal Ultimate Beneficial Ownership (UBO) represents a significant challenge. In this blog, we explore the confusion over multiple beneficial ownerships, the complexity share structures, understanding Trusts and how you minimise risk exposure when onboarding and monitoring UBOs. … Read More

Ultimate Beneficial ownership verification and ongoing monitoring is now an essential component of the KYC onboarding and anti-financial crime procedures. However, peeling back the complex legal structures designed to conceal Ultimate Beneficial Ownership (UBO) represents a significant challenge. In this blog, we explore the confusion over multiple beneficial ownerships, the complexity share structures, understanding Trusts and how you minimise risk exposure when onboarding and monitoring UBOs. … Read More

Know Your Customer (KYC) verification is a critical requirement for regulated firms, but right now, the processes are flawed. The cost of compliance is escalating; the time it takes to onboard and monitor clients is increasing and KYC periodic reviews are resource intensive and highly manual. In this blog we explore why firms should move towards a continuous KYC model to improve the customer experience, mitigate financial crime risk and increase operational efficiency. … Read More

Nearly five years of preparation brings us to the point where there is more clarity about the UK’s regulatory direction as a nation now setting its own rules when it comes to anti-money laundering. Those of us involved in the prevention and detection of financial crime know that the fundamental work remains the same, but there are new opportunities, new threats and above all new rules and regulatory expectations that we need to be ready for. … Read More

How well do you know your customer? As the pandemic continues on a global level, your clients’ risk status is changing at unparalleled speed. Effective ‘continuous KYC monitoring’ is essential for Compliance Officers if they want to stay ahead of the criminals. In 2020 firms have made significant investments in digitally transforming the front end of compliance at the point of onboarding, however many firms have not digitally transformed their monitoring processes, exposing their business to increasing levels of risk. In this blog we explore ongoing monitoring further. … Read More