CASE: BANK with corporate clients
A reputable financial institution contended with a backlog in the customer due diligence (CDD) files of its corporate clients. It had delegated the CDD-duties to its account managers because their closeness to their customers seemed to make them best qualified for the job. However, it turned out that the account managers were not acquainted with the latest developments in the field of CDD and were insufficiently motivated to carry out these ‘bureaucratic’ tasks. Consequently, their data collection from public sources was inadequate and too little was committed to file.
KCP investigated the portfolio in parts; with clear deadlines for each part. Our experts submitted the results and queries for additional information with the account managers in a clear and direct fashion so that the files could be updated in time.
Katrien’s team is very proactive and understands how our problems evolved. We are very happy with the quality of their service, both in terms of contents and of meeting their commitments.
Project manager CDD of a large international bank
CASE: real estate agent
An estate agent often needs to carry out in-depth research into a buyer or seller. We provide her with extensive reports presenting the buyers’ or sellers’ direct and indirect activities as well as connections, including a survey of all risks.
The reports contain all elements that we need. We are very pleased to have an overview of all risks. We now proceed with much more caution when deciding with whom to enter into a business relationship.
CASE: PRIVATE BANK
An institution had the impression the its account managers lacked sufficient knowledge of CDD. It realized that the theory trainings were inadequate in terms of keeping practical knowledge up to date. The institute was however not prepared to outsource its primary CDD-process.
In consultation with KCP the bank decided that its employees would remain responsible for the primary investigation of its files, but that KCP experts would validate all files. Our specific feedback ensured that the bank’s employees’ knowledge was updated and maintained at that level. Any shortcomings that we found in the files during the validation process were corrected.
CASE: TRUST COMPANY
A trust company was informed by its supervisory body that its Transaction Monitoring (TM) contained deficiencies. KCP conducted an in-depth analysis of the historical and expected transactions and put the information in detailed transaction profiles for every client. It also assisted with implementing the TM procedures.
KCP’s expertise and professionalism has put our Transaction Monitoring in order. We would wholeheartedly recommend KCP.
Director trust company
CASE: BANK with corporate clients
A compliance officer with a financial institution wanted to compare internal CDD-procedures with the (international) standard to determine whether the organization carried out too few (or too many) risk analyses. Furthermore, in view of increasing costs, she wanted to get an understanding of the process’ efficiency.
Based on an analysis of the current CDD-policy, KCP gave recommendations regarding risk factors (business activities, countries, etc), the information used and the process’ checkpoints. Furthermore, by centralizing certain tasks, we contributed to the increased efficiency.
CASE: payment institution
Although its clients were not particularly complex, a payment institution did not have the required resources to set up a dedicated KYC-team. Specifically, it needed the Ultimate Beneficial Owner (UBO)-information to comply with regulations. It hired KCP to ensure new merchants’ client acceptance and to provide periodical reviews of existing merchants.
CASE: A BANK’s commercial finance department
A dedicated department of a large bank was struggling with the increasingly strict KYC requirements. Its account managers were busy striking (large) deals and had neither time nor expertise for integrity checks on the international documents and company structures. It hired KCP for its professionals’ expertise to carry out the KYC.
We are very pleased with the quality of the research as well as with the time it provides us to spend on other tasks. Account manager