The following article by Piotr Kaminski is spot on and talks about all the things that i-KYC is practicing
day in day out. It addresses the question “why do so many banks still don’t get
it right after all these years and still face fines and regulatory sanctions”.
The i-KYC consultants know all about this and help our clients day-in-day-out
to address the issues.
Read the article and keep the following 3 pointers in mind
1. The compliance team acts in an advisory and
policy setting role – if an organization wants to seriously manage regulatory
risks and lower the cost of
compliance – it needs to solve fundamental control issues in the 1st
Line of Defense.
2. The organization could or perhaps should form a
team – in the 1st LoD – to manage operational execution of AML/CFT
processes and performsprocess walk-throughs, quality assurance on operational
execution, efficiency monitoring and measures and manages customer experience.
3. Don’t just tick-the-box but really manage the
residual risks taking into account not only the policies in existence but also
the quality of adherence to policy.
All companies face an increased cost of doing business as a
result of increased regulation. How high the cost of compliance is, is not a given. It can be managed and reduced.
If you want to know how…. Contact us at info@i-kyc.com or find us on www.i-kyc.com
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