The multitude of regulation requirements have led financial services industry players and corporations to search for efficient solutions to be compliant with all applicable rules. In this context, Deloitte Luxembourg has combined industry expertise and digital savvy in their new service offering for KYC operations, called D.KYC.
KYC, or Know Your Customer, compliance involves organizations collecting numerous data and documents, and verifying the identity of their clients during the onboarding process. Encompassing Anti-Money Laundering and Counter-Terrorist Financing, KYC activities are mandated by law as part of a broad due diligence process all along the business relationship with clients. Financial industry players in particular have been experiencing undue strain due to the ever-evolving KYC requirements and the lack of resources and appropriate tools available to meet the demand.
“Maintaining these operations internally leads to inefficiencies, high cost of ownership, and sometimes lack of quality, and the consequences of this approach are often underestimated,” comments Pascal Eber, Partner at Deloitte Luxembourg. “Companies are searching for agile solutions to meet the compliance requirements without burdening their internal resources.”
Hands off, Managed Services on
Regulated and non-regulated firms are performing KYC duties, and in some cases already externalizing part of the underlying activities. D.KYC differentiates itself by combining numerous KYC services, related knowledge, and centralized workflow management. The service is supported by a multi-channel web-based platform managed by Deloitte Solutions SàRL, a PSF entity regulated by the CSSF and ISO27001 certified.
“The due diligence process of KYC is not a one-time deal,” explains Maxime Heckel, Director at Deloitte Luxembourg. “The service and the underlying platform are built to help firms for the long-run, performing ongoing monitoring and oversight. “With D.KYC, our clients are shifting from ‘KYC maker & checker’ to an oversight role.”
The service involves collecting and qualifying data and documents, risk scoring and due diligence level maintenance, shareholding structure collection, and watchlist screening, among others, and allows to substantially reduce counterparty onboarding time while enhancing the data quality and traceability.
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