Equiniti comments on FCA 2016-17 business plan

06 April 2016

Adam Green, Equiniti's Chief Risk Officer, provides an initial response

Commenting on the news that the FCA has identified “Financial crime and Anti-Money Laundering” as one of their seven priorities in the 2016/17 Business Plan, Adam Green, Chief Risk Officer with Equiniti warns that customer on-boarding and KYC (Know Your Customer) processes are an onerous challenge for regulated firms that require fresh thinking, he said:

“The FCA has clearly set out where firms would be wise to focus their energy during 2016. As a technology-enabled business, Equiniti is pleased by FCA’s support for innovation in financial services. Many of our clients are driving change that will benefit consumers, we look forward to working with them and the FCA to continue this progress.

A notable theme running through recent press and the FCA’s Business Plan is the importance of knowing your customer and having robust processes to demonstrate compliance with the broad range of financial crime requirements. The expectations of governments and regulators continue to rise and many firms are finding it a struggle to keep on top of the rate of change, at the same time as continuing to manage legacy processes and support growth. It’s becoming essential for firms to take a fresh look at their customer on-boarding and ongoing validation. The challenge is perhaps more pressing in providing services to small and medium-sized enterprises where the burden of documentation is particularly onerous.

“Equiniti is enabling the improvement of quality and agility of KYC processes for a number of leading banks and financial services firms, following our acquisition of KYCnet. KYCnet enables firms to accelerate client on boarding – and with it revenue – whilst increasing the oversight and control of due diligence. The upcoming 4th EU Money Laundering Directive will further raise the bar for compliance, but this is an important opportunity and catalyst for transforming legacy processes which many leading firms are already taking advantage of.”




For more information please contact:

Alban P Maginness
Group PR Manager, Equiniti
Tel: 00 44 748394934
Email: alban.maginness@equiniti.com


Notes to Editor - About Equiniti

Equiniti keeps things running smoothly behind the scenes for some of the best-known brands and public sector organisations in the UK.

We specialise in providing finely-tuned finance and administration services, as well as smart technology solutions, in complex and regulated markets.

Our services are delivered by 3,500 employees across 29 office locations, enabling us to offer solutions that are flexible, adaptable and scalable.

We are acknowledged leaders in the pension services market and in the share registration market, where our clients include around half the FTSE 100.

Our mission is to make the complex simple.




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