KYC

What accountancy can learn from financial services on knowing your client

Regulatory Background for Change  In 2012 the FCA pushed financial advisers to move from a “commission” model to a fee-based model, in an effort to improve customer outcomes. One outcome for the financial services industry was the requirement to enhance their “know your client” or KYC process. Simply put, if…

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Cooper Parry advises Infospectrum on sale

The Cooper Parry Corporate Finance team, led by Ben Rookes and Matt Hellis, acted as exclusive advisers on the sale of Infospectrum to Lloyd’s List Intelligence (LLI). Infospectrum is an independent global provider of counterparty risk appraisal reports, ratings, due diligence research, and KYC intelligence. The strategic acquisition will allow…

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Compliance: A burden for payroll bureaus with charity, LLP, sole trader clients

Working with charities and sole traders can pose a challenge for many smaller bureaus because (with a few exceptions) these entities don’t appear on the Companies House database, which is where payment companies usually conduct automated compliance checks for Know Your Customer (KYC) in order to comply with the Money…

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Saffery Champness names new compliance manager in Guernsey

Saffery Champness has announced the appointment of Debbie Renouf as senior compliance manager in the firm’s Guernsey office. Renouf has more than thirty years’ experience in the financial sector, with a career spanning the wealth management and private banking industries. The firm said she was previously head of client services…

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KPMG launches Smart CDD platform

KPMG has announced the launch of a new platform, Smart Customer Due Diligence (CDD). It revealed that the solution uses third-party integration, providing granular management information and a “robust” audit trail. As a result, the toolkit can handle the entire CDD journey, “driving” efficiencies and headcount reduction. According to KPMG,…

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FCA sends thousands of staff on cyber and financial crime courses

The Financial Conduct Authority (FCA) has sent 4,430 of its employees on compulsory cyber and information security courses over the past two financial years – (FY 19-20 and FY 20-21) – to help combat the “growing threat” of financial crime, according to official figures. The data was obtained via The…

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