Problem statement

2015 sees the arrival of a number of new regulatory requirements, having long been in the proposal or draft stages, that impact customer data management. In 2014, we discussed how 40+ regulations to be implemented during the following 3 years would require an additional 300 entity data fields in order to be compliant between Europe and the US. We have now added more to that list – including FinCEN Beneficial Ownership Rules, The G20 Tax Evasion (GATCA), 4th Money Laundering Directive (AMLD IV), MiFID II as well as Asian OTC rules.

KYC

Each of these initiatives prescribes new monitoring and validation criteria with little alignment and few common standards between them. Getting your KYC systems working well can be a huge source of competitive advantage over the coming years, enabling you access to a much broader customer base (the high risk), please regulators (you’re compliant), customers (you are efficient) and your board (reputation and fines).

Complying with each new rule is not an impossible task, but making sense of thirty or so requires standards. JWG help firms overcome the challenges of managing KYC reform through:

RegDelta KYC instance

Provides a golden source catalogue of 40+ global legislative initiatives and analyses and tags at foot-note level over 500 counterparty data fields.

This is an invaluable aid for our collaborative working group CDMG and our training agenda.