Amongst the numerous other posts on the subject I wanted to share my views on the € 775 million fine imposed on ING by the Netherlands Public Prosecution Service (NPPS) for money laundering offences as announced on 4 September. (more…)
KYC & Client Onboarding
Since the financial crisis compliance obligations have considerably evolved and Know-Your-Customer (KYC) requirements apply today to numerous regulatory disciplines: financial crime (4-5th money laundering directives, sanctions & embargos, anti-bribery and corruption and fighting tax evasion), conduct of business and investor protection (MiFID, EMIR), tax compliance (FATCA, CRS), and more recently PSD2 and GDPR.
This has caused a material increase in the complexity of client onboarding and ongoing due diligence processes, often resulting in operational inefficiencies and damaged customer experience. In addition, the cost of non-compliance and weak risk management has grown continuously under increased regulatory scrutiny and enforcement actions.
To help resolve this conundrum, EFFICIENCY Management Consulting has developed a two-pillar expert KYC offering (consulting and training) for financial services firms to effectively address KYC and client onboarding challenges in a context of risk-based approach to financial crime risks, cost optimization, and search for competitive advantage from improved customer service.
Consulting — Training — Insights — Contact
Our management consulting offering
Thanks to its wide-ranging expertise and broad competencies EFFICIENCY Management Consulting supports the effective assessment, design and delivery of our customers’ KYC transformation projects across:
- Governance Risk and Controls
- Target Operating Models
- Operational performance
- Capacity building
Whether it is for better risk management, improved cost efficiency or enhanced customer experience, our success is based on the effective mobilization of our core competencies at the service of our customers:
- Advisory: we understand that change is about helping people adopt new ways of thinking and we always take our customers through the complete journey, from benchmarking and industry trends to redefining their standards, processes or organizations
- Project management: whether organizational, process or IT- related, successful change requires robust project disciplines across business case definition, programme design and transformation roadmap, delivery and PMO
- Regulatory expertise & intelligence: In-depth knowledge of regulatory requirements and trends form the bedrock of our ability to accompany customers in staying on top of the regulatory change agenda and in pursuing further regulatory integration
- Technology and digitalization: The RegTech revolution offers numerous opportunities to improve risk management and controls, customer experience and cost effectiveness, but this intricate universe of technology often proves too difficult to navigate. We help customers understand, select and implement the technology choices best suited to their requirements
Our training offering
Because adequate skills are so important to effective Customer Due Diligence, EFFICIENCY Management Consulting has developed a specialist KYC training curriculum based on its regulatory expertise and deep operational domain experience.
Training courses are offered at all levels of proficiency, from beginners to subject matter experts, and provide up-to-date learning across the contextual, environmental and technical aspects of KYC.
Courses are available as standard solutions from our catalogue or can be developed / customized to meet your unique training needs.
Our programmes are highly practical and promote the active engagement of delegates.
Our flagship training programmes:
- KYC fundamentals
- Fundamentals of legal structures and ID&V
- Core Customer Due Diligence
- Enhanced Due Diligence
- Our training courses are affordable and provide outstanding value for money
- They are delivered by experienced KYC professionals
- Training solutions are eligible to CPD credits(*) and continuous education funding (**)
- Development and delivery of our courses meet the highest standards of quality
(*) Member of the UK CPD Certification Service
(**) DataDock registration under application
For more information, to request a syllabus or to discuss your requirements please contact firstname.lastname@example.org