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76394EQD KYC Umbracco Imagery

Getting ahead of KYC/AML challenges  

Specialist resourcing to support your business

Supporting and protecting financial services firms

As the UK Government faces up to the growing threat of international money laundering, regulators are set to get tougher on businesses who fail to satisfy Know Your Customer (KYC) requirements. 

£24bn lost every year

“The critical importance of the financial sector to the UK’s economy means that money laundering can threaten national security and prosperity, and undermine the integrity of the UK's financial system and international reputation,” says the National Crime Agency (NCA). The cost to the UK is not just reputational. The NCA believes this is part of a financial crime wave that could be costing the UK economy as much as £24bn a year.

“There is now an urgent need to tackle money laundering through KYC,” says Simon Wadey, Group Compliance Director at EQ. “Where this doesn’t take place, regulators are likely to take swift punitive action. Expectations have changed and it’s a threat that no one can afford to be complacent about.”

A key challenge

With many businesses already facing a long list of challenges as we emerge from the post-pandemic world, finding the capacity for this kind of project is a big ask. And it’s particularly daunting for organisations such as banks, building societies and insurance companies with numerous corporate clients on their books.

“There is also a great deal of consolidation among financial services companies at the moment,” adds Simon. “That means that the acquisitive company needs to clean the data of the purchased company to bring it into line with its own KYC standards and processes of KYC. That can be a big project.”

Technology + people

Recent research from the Association of Certified Anti-Money Laundering Specialists, KPMG and SAS shows that UK business is starting to rise to the challenge with a third of finance firms accelerating the use of artificial intelligence to tackle KYC processes.

“We’re at the forefront of applying digital technology,” says Simon. “But there are aspects of KYC that cannot be resolved reliably through automated processes alone. We’re finding a growing demand from clients who want us to use our combination of people and technology to sort out their KYC speedily and reliably. We’re renowned for getting experienced people on the ground quickly to work closely with clients and take the pressure off them.”

With government and regulator spotlights shining on fraud prevention and anti-money laundering initiatives, businesses need to satisfy stakeholders that their customer due diligence, on-boarding and refresh processes are watertight.

EQ Hazell Carr support and provide financial services businesses with vital KYC/AML experience that improve and speed up these processes, as well as ensuring regulatory timeframes are met.

Whether this is working alongside your in house team to increase capacity, or taking on the whole project, we can get moving quickly (within days) to provide your business with specialist skills and international expertise.

Delivering for your business

  • Reduce risk and fraud
  • Evidence compliance
  • Increase investor confidence
  • Improve company reputation
  • Satisfy Government and regulators' requirements

Our Specialists

  • KYC analysts
  • Enhanced due diligence analysts
  • Quality checkers
  • Team managers
  • Data analysis and security
  • Data cleaning and verification

Our Services

  • Client on-boarding
  • Refresh exercises
  • Remediation post regulatory change
  • IPO due diligence
  • KYC/AML process optimisation
  • BAU support

Our work

Niche skills with international expertise

Our specialists provided a team of multi-lingual, enhanced KYC analysts and a manager to support an international firm. The experienced team worked on cases which were transacted in many different languages for an initial 6-month project.

Recognising the value and skills of our team, upon completing the initial project, they were redeployed to help in other areas of the business too. Their ability to converse as well as work with documents in different languages was seen as a real benefit. 

Vital KYC support provided for an IPO

We provided an experienced team manager, senior Enhanced Due Diligence expert, and enhanced KYC analysts to provide vital support for an Initial Public Offering exercise.

Working to tight time scales involving over one hundred institutions, corporates, individuals and family trusts, our ability to stand up skilled resource quickly was invaluable and critical to the success of the exercise.

Enabling corporate growth for a major bank

With a variety of highly skilled KYC analysts, the quality of the CVs and capabilities we can offer really stood out for our client, a major high street bank.

Supporting their growth ambitions in the corporate lending and investment banking world, our expert team were up and running within a few short weeks, fully vetted, screened and ready to work.

Get in touch for a confidential discussion about your KYC and fraud prevention challenges

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