KYC360 recently hosted its highly anticipated annual forum in Jersey, bringing together industry leaders and regulatory experts. This year’s event was streamed live and it featured invaluable insights from experts across a diverse range of sectors.
Compliance as a Growth Enabler
Founder and CEO of KYC360, Stephen Platt, emphasised the critical role that compliance technology plays in reducing financial crime risk while simultaneously increasing operational efficiencies. He spoke about the transformative journey of KYC360 as it rebranded from RiskScreen and mentioned the role of key partners such as Accenture, BDO and Vantage.
The AML Landscape in Jersey
George Pearmain ,Director of Financial Crime Policy for the Government of Jersey, provided an in-depth overview of Jersey’s recent Moneyval evaluation, which saw the Island recognised as a top performer in preventing financial crime. Pearmain discussed the island’s proactive approach in understanding risks, particularly in relation to beneficial ownership. He also stressed the importance of continual evolution in Jersey’s supervisory framework, especially for Trust and corporate service providers (TCSPs). Pearmain also explored how virtual assets and emerging international trends would shape Jersey’s future regulatory priorities.
KYC360 Product Roadmap – A Look Ahead
Tom Devlin, Co-Founder and CCO at KYC360, presented the company’s product development roadmap. He announced new strategic partnerships with Dun & Bradstreet, London Stock Exchange Group (LSEG), and DocuSign, aimed at enhancing the KYC360 platform’s ability to streamline client lifecycle management. Devlin emphasised the importance of KYC360’s solutions in reducing false positives and delivering efficient customer onboarding. He also introduced the new solutions, Networked KYC and Data Bridge, that will improve onboarding efficiency across multiple providers.
Launch of KYC360 Academy
KYC360 advisor Bill Howarth who has over 30 years of experience in developing training corporate training/education programmes, announced the launch of the KYC360 academy which aims to create a community of learners within the AML space. The accreditation programme provides learners with CPD credits and an industry-recognised certificate and it is designed to create a structured learning path for professionals seeking to enhance their expertise in financial crime prevention and compliance. Howarth highlighted how continuous learning is not only essential for staying up to date with regulatory changes but also for fostering a robust compliance culture across organisations.
Panel Discussion: RegTech as a Competitive Differentiator
In a lively panel discussion, Peter Messervy Gross, CIO at Altum Group, Nadia Lewis, Head of Regulatory Consulting at Appleby and Tamara Vanmeggelen, Chief Risk & Compliance Officer and General Counsel at Mourant, delved into how RegTech solutions serve as key competitive differentiators in today’s market. The panellists agreed that automation, dynamic risk scoring, and real-time data integration are essential for firms to not only meet regulatory requirements but also to gain operational efficiencies. They emphasised that adopting these technologies allows firms to remain agile in the face of rapidly changing regulatory landscapes, enhancing customer service and maintaining a competitive edge.
Key Developments in Global AML Legislation
Ruth Paley, Partner at Eversheds Sutherland, outlined the most recent developments in AML legislation. She focused on the evolving regulatory frameworks in Jersey and across the world. Paley addressed the increasing role of data protection, beneficial ownership transparency, and the tightening of sanctions regimes. She stressed the need for businesses to stay ahead of legislative changes by embedding flexible and adaptable compliance programs that can swiftly respond to new regulatory demands.
Reflections From the Jersey FIU
Jonathan Groom, Director of Jersey’s Financial Intelligence Unit (FIU), reflected on his first year in office, offering insights into the growing importance of collaboration between private firms and regulatory bodies. He highlighted how data sharing and strategic intelligence gathering can help the FIU more effectively combat financial crime. Groom also touched upon the challenges posed by evolving threats such as virtual assets and how the FIU is working to address these through enhanced analytical capabilities.
Impact of U.S Sanctions on Non-U.S Businesses
Mike Parker, Partner at Arktouros, discussed the implications of U.S. sanctions and Executive Order 14114 for non-U.S. businesses. He explained how these sanctions are shaping international compliance obligations, particularly in financial services and international trade. Parker emphasised that firms need to be proactive in their understanding of sanctions to avoid potential penalties and disruptions to business operations.
Impact of US Whistleblowing Legislation
Stephen Kohn, Partner at Kohn, Kohn & Colapinto, LLP, provided insights into the new U.S. AML whistleblowing legislation and discussed its potential impact on non-U.S. businesses. Kohn highlighted that the legislation encourages the reporting of AML violations by offering lucrative financial rewards and explained how this could significantly increase the number of whistleblower reports globally. He urged firms to ensure that their internal compliance mechanisms are robust enough to mitigate potential risks associated with whistleblower reports and to maintain transparent reporting structures.
Compliance as a Growth Enabler
Founder and CEO of KYC360, Stephen Platt, emphasised the critical role that compliance technology plays in reducing financial crime risk while simultaneously increasing operational efficiencies. He spoke about the transformative journey of KYC360 as it rebranded from RiskScreen and mentioned the role of key partners such as Accenture, BDO and Vantage.
Closing Thoughts
Stephen Platt closed the event by reminding attendees that collaboration and innovation are crucial to staying ahead in the fight against financial crime. He emphasised that jurisdictions and businesses must continually invest in technological advancements to maintain robust compliance with evolving international regulations. Watch the full recordings from the event.
KYC360’s suite of Client Lifecycle Management software solutions is designed to transform your business processes enabling you to outperform commercially through operational efficiency gains and superior CX whilst remaining fully compliant with evolving regulatory standards.
