Can You Outsource KYC?
30th October 2014
[Topic Series: KYC]
"Know Your Customer" is a difficult area for businesses to outsource. Whilst you can outsource the steps, tasks and management of due diligence to a third party, you can't outsource the legal and regulatory responsibility.
Regulatory compliance is about eliminating or reducing risk in the business. As with any other aspect of regulation, you can effectively outsource KYC if you know the right questions to ask and procedures to follow. In fact, done correctly outsourcing can make your KYC procedures more rigorous and robust.
This session will be led by Darren Hickman, managing director of ComplianceAssist Ltd. His extensive work with a wide range of customers gives him unique insight into what makes outsourcing of KYC effective... or not.
Darren will cover:
- Times to consider outsourcing: which key times in the business lifecycle are prime opportunities for getting the benefit of outsourcing KYC?
- Essential criteria: what criteria should you consider when deliberating whether to keep KYC in-house or to outsource?
- Provider characteristics: what should you look for in your outsourcing provider?
- Programme design: when you've made the decision to outsource, you are still responsible for management and oversight of the programme; what processes, checks and balances, audit schedules and reporting do you need to prove to the regulator it is working when they come to visit?
If you are considering outsourcing KYC, this session will provide practical advice for starting strong and continuing smoothly. If you are already outsourcing, this session will provide tips and suggestions for improving your programme to minimise risk and maximise benefit.
Restricted to FreePint Subscribers and registered guests. Included in your FreePint Subscription, but places are limited.
- Tuesday, 28th October 2014 at 12:30 - 13:30 (GMT)
- Thursday, 30th October 2014 at 10:00 Pacific / 12:00 Central / 13:00 Eastern / 17:00 (GMT)
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