Cases from KCP
Case: Bank with wholesale customers
Challenge:
A reputable financial institution was struggling with arrears in its customer due diligence (CDD) files of its wholesale clients. It had decentralised the CDD work to its account managers since they were closest to their clients. The problem was that her account managers were not aware of the latest developments in CDD, and had insufficient motivation for this 'bureaucratic work'. As a result, they did insufficient research in public sources and did not record enough on file.
Solution:
KCP examined the portfolio in parts, with clear deadlines for each part. Our experts placed the results and requests for additional information directly and clearly with the account managers, allowing the files to be put in order on time.
Testimonial
Katrien's team thinks well and understands where our problems lie. We are very satisfied with the quality of service, both in terms of content and compliance. CDD project manager of a large international bank
Case: Private bank
Challenge:
One institution felt that CDD knowledge among its account managers was insufficient. It realised that theoretical training courses were not sufficient to maintain practical CDD knowledge. However, it did not want to outsource the primary CDD process.
Solution:
In consultation with KCP, the bank decided that internal staff would remain responsible for carrying out the primary examination of files, but that all files would be reviewed by KCP's experts. By providing targeted feedback, we ensured that internal staff were brought and kept at the right level of knowledge. During the validation work, shortcomings in the files were also fixed.
Case: Bank with corporate customers
Challenge:
A compliance officer at a financial institution wanted to compare the internal CDD procedures with the (international) standard to make sure that the organisation was not doing too little (or too much) risk screening. She also wanted to see the efficiency of the process due to rising costs.
Solution:
Based on an analysis of the existing CDD policy, KCP made recommendations regarding the risk factors (business activities, countries, etc), the information used and the control points during the process. We also identified costs and contributed to an efficiency drive by centralising certain tasks.
Case: Business department of a bank
A specialised department of a large bank was struggling with increasingly stringent KYC requirements. Its account managers were busy closing (large) transactions and had no time or expertise to review international documents and corporate structures for integrity. They hired the expertise of KCP professionals to perform the KYC.
Testimonial
We are very satisfied with the quality of the surveys and with the time it leaves us for our other work. Account manager
Case: Trust office
A trust office was told by its regulator that its CDD files were deficient. As an external independent party, KCP did an in-depth validation on the files and put them back in order. To prevent the trust office from getting a failing grade again, we review the policies, procedures and 10% of the files every year.
Testimonial
KCP put our compliance in order with its expertise and professionalism. We therefore highly recommend KCP. Director of trust office
Case: Payment institution
Although its customers are not particularly complex, a payment institution did not have the capacity to set up a specialised KYC team. In particular, it needed ultimate stakeholder (UBO) information to comply with legislation. It engaged KCP for customer acceptance of new merchants and periodic reviews of existing merchants.
Case: Brokerage
A real estate agent regularly feels the need to conduct an in-depth investigation of a buyer or seller. We provide her with a comprehensive research report that examines the direct and indirect activities and relationships of the buyer or seller, and includes all risks.
Testimonial
The reports contain all the elements we need. We are happy that we now have a picture of the risks. This has made us a lot more cautious about who we want to do business with. Estate agent
Case: Transaction monitoring
A trust office was told by its regulator that its Transaction Monitoring had deficiencies. KCP then created transaction profiles for each client based on historical transactions and agreements. Transactions are automatically compared with the profiles via a transaction monitoring tool, and those that "fall out" are manually reviewed and assessed for risk by KCP, and submitted to account managers.
Testimonial
KCP put our transaction monitoring in order with its expertise and professionalism. We therefore highly recommend KCP.
KCP's modus operandi
KCP works according to a tried and tested method that has proven itself in practice.
Preliminary analysis
KCP delves into policies, procedures, people and systems to make implementation easy. We analyse the current process and translate the policy into practical CDD research steps. By doing so, we easily estimate the current internal costs.
Quotation and contract
Based on the analysis, we estimate the cost per study. We incorporate this into your quotation. Upon acceptance, we process the arrangements in a contract with a detailed description of the work.
Implementation
The investigation is carried out by our specialised KYC experts. Validation, audit and advice are carried out at the client's office wherever possible, the investigation itself can take place partly at KCP's office by arrangement.
KYC system
We use a KYC system for workflow, auditing and archiving data and documents. The system is a relationship database in which the links between different people and companies are recorded and displayed in organograms.