The service, designed to reduce the burden on law firms and fee earners, is already widely used by major banks keen to assure the quality and control the cost of complying with Anti-Money-Laundering and Counter Terrorist Financing regulations. Developed in 2008 by Equiniti KYC Solutions, ‘KYC-as-a-service’, helps client manage Client Due Diligence, encompassing the on-boarding, periodic reviews, as well as offboarding clients.
Client Due Diligence and KYC regulations require lawyers to identify high risk clients and transactions to avoid inadvertently committing a money laundering offence. Using specialist technology, best practice processes and experienced people, Equiniti KYC Solutions provide an end-to-end service including identification and verification of the client and their relations, screening against sanction lists, identification of politically exposed persons, adverse media searching, record keeping and more.
An estimated £57 billion is laundered through the UK each year and law firms are one of the key targets for would-be money launderers. This has prompted the Solicitors Regulation Authority to include Money Laundering on its 2016/17 Risk Outlook.
Equiniti KYC Solutions’ compliance professionals, based in Cardiff and Amsterdam, are made up of experts in international regulations who are able to satisfy global Anti-Money-Laundering and Counter Terrorist Financing standards, such as Financial Action Task Force recommendations.
Patrick Ryan, CEO of Equiniti KYC Solutions, said: “KYC and AML requirements are rigorous, our cloud-based technology approach has allowed us to build systems and services that can significantly reduce the time spent carrying out KYC functions. Adoption of KYC technology will leave fee earners free to dedicate their time to generating income for their firms.”
“KYC can be complicated and firms are keen to mitigate the temptation to simply run a tick-box checklist before the real legal work can begin. A more convenient, consistent and comprehensive approach is needed to ensure that appropriate level of Client Due Diligence is carried out and high risk clients are identified in a timely manner.”
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About Equiniti KYC
Equiniti KYC Solutions provides services and systems that enable our customers to completely, quickly and cost-effectively meet their compliance and regulatory obligations while smoothing and speeding-up their customer acquisition and retention processes.
Equiniti KYC Solutions pioneered the development of a ‘KYC-as-a-Service’ model, and has worked exclusively in the KYC sector since 2008, providing complete KYC due diligence analysis. With deep-rooted domain knowledge, we have a proven track record of working with industry leading clients in over 100 countries. This geographical span is reflected in our resourcing model, with employees who speak over 35 languages.
In a time of growing business uncertainty and ever-greater regulatory obligations, Equiniti KYC Solutions is pleased to provide our customers with a set of world- class customer compliance services:
- Correspondent Banking
- Sharia KYC
- Onboarding MVP
- UK Legal KYC
- Trust KYC