Streamlining a Global KYC Function - Elusive or Achievable?

NEW YORK, Jan. 11, 2011 /PRNewswire/ -- Streamlining KYC for Global Financial Institutions is possible with some structured thinking and utilizing a holistic approach, says a new white paper published by eClerx, a premier Financial Services Outsourcing and Consulting firm based in India with offices in Europe and the USA.

KYC has become a focus function due to:

• Increased regulatory pressure, with regulators requiring ever-tightening control;
• Lowered risk appetite, requiring better understanding of counterparties, their taxonomy and corresponding collateral exposure;
• Business needs requiring faster turnarounds with lower costs in an environment of tightening margins.

Some of the key challenges that eClerx has seen adversely impact KYC are duplication of effort; over-diligence due to lack of clarity over requirements; violation of rules due to poor training, poor enforcement, or simply indiscretions on part of front office staff; poor internal and external interfacing resulting from inconsistent standards and ineffective tooling of processes.

The eClerx KYC whitepaper offers a framework to tackle the aforementioned issues, based on eClerx's experience gathered at a number of large Broker-Dealers worldwide. It can be downloaded by clicking here (www.eclerx.com/KYC).

eClerx has a long and successful history as a Capital Markets and Investment Management Consulting and Outsourcing Company. Providing core and critical processes plus professional services to major global banks, eClerx also services prime brokers, asset managers, reinsurers, wealth managers and hedge funds. It regularly releases white papers on industry relevant topics; it's reachable by clicking here (www.eclerx.com/contact).

SOURCE eClerx