22 May 2018
John Cant

John Cant

John Cant - MPI Europe Ltd

41Posts 196,647Views 21Comments
Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Would you ask someone else if they Know Your Client?

26 April 2014  |  2031 views  |  0

With eye watering fines and the threat of deferred prosecutions, many banks have been working hard to solve the problems of correctly identifying and screening clients for financial crime purposes over the last few years. As they have done so, it is clear that a number of parts of this process are common across banks and so potentially could be provided on a centralised basis.

This has prompted a growing number of providers to offer Know Your Client (KYC) services in this space:

The challenges of KYC differ significantly between entity/company customers and individuals with more public domain being readily available for entities than for individuals. This is why most providers are concentrating their efforts on the simpler problem of KYC for companies - although in most big banks the greater benefit would be through solving the problem for individuals. Also, regulators in some countries are much less likely to allow data on individuals to be shared outside their countries. So, it is not surprising that the States of Guernsey are looking at providing a solution for its high net worth customers, and being based in Switzerland may be an advantage for KYC Exchange. Also there is the issue that the information available to and from these third party operations is only part of the overall solution - there is still a significant part for each bank that is institution specific.

So overall some interesting innovation to help reduce a difficult problem even if it can only be a partial solution to a bigger problem.


TagsRisk & regulationInnovation

Comments: (0)

Comment on this story (membership required)

Latest posts from John

Imagine a miniature financial crime fighter in every router

16 June 2016  |  8634 views  |  0 comments | recomends Recommends 0 TagsSecurityPaymentsGroupInnovation in Financial Services

Will MiFID II bring Evolution or Revolution to investment research?

08 June 2016  |  8486 views  |  0 comments | recomends Recommends 0 TagsTrade executionRisk & regulationGroupMiFID

Fraud ain’t what it used to be

18 May 2016  |  2812 views  |  1 comments | recomends Recommends 1 TagsPaymentsInnovationGroupTrends in Financial Services

Beware the financial crime bite of the back book

26 April 2016  |  4297 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationGroupTrends in Financial Services

John's profile

job title Managing Director
location London
member since 2007
Summary profile See full profile »
I lead MPI Europe a niche financial sector consulting firm focussing on regulatory driven, risk, technology and operational change

John's expertise

Member since 2004
41 posts21 comments

Who's commenting on John's posts