KYC Regulatory Impact: Beyond Compliance

KYC Regulatory Impact: Beyond Compliance

Click here to view the Q&A

Looked at from a data perspective, many new regulations have overlapping requirements that come back to customer data. Banking Technology joined forces with Markit | Genpact KYC Services and regulatory specialist JWG and recently conducted a survey to look at how firms are approaching the challenges this poses, the survey proved hugely popular with over 200 responses.

The results of the survey showed that firms face immediate compliance challenges but also recognise that a more accurate and timely approach will enable them to focus resources on better serving customers.
Join us for this free webinar and hear what 200+ peers had to say about how they perceive the challenges.
Initial conclusions post-survey covered in this webinar include:

  • - What are the most important regulatory KYC imperatives
  • - Which deadlines are of greatest concern
  • - The disconnects in the current regulatory approach to KYC
  • - How the industry can leverage the regulatory drive to create competitive advantage and reduce risk
  • - Why third parties for KYC data management can do it better, faster and cheaper than any single institution


Webinar speakers

Yasmeen Jaffer
Director, Head of Business Development and Strategy, KYC Services

After joining Markit in 2007, Jaffer co-led a team of 60 people on one of the company’s fastest growing products, Markit Counterparty Manager.  The service helps financial institutions exchange documentation and is a critical tool in light of new regulations being introduced around the world. Under Jaffer’s co-leadership of Markit Counterparty Manager, the firm won a tender from the International Swaps and Derivatives Association to develop a tool for documentation related to OTC derivatives compliance and has launched a FATCA Service Bureau for non-US firms.  More recently, Jaffer moved into her current role where she launched a new industry initiative in partnership with one of the largest BPO outsourcing providers, KYC Services which standardises and centralises KYC processes for financial institutions.

PJ Di Giammarino, Chief Executive, JWG

Former COO IT at Barclays Capital, PJ is the founder and CEO of JWG – a think-tank recognised by regulators, financial institutions and technology firms as the independent analysts to help determine how the right regulations can be implemented in the right way.  He works with executives in top financial institutions, and with their regulators and suppliers, to bring practical insights into the implementation global regulatory reform.

David Bannister, Editor, Banking Technology

David Bannister is the editor of Banking Technology, one of the leading fintech publications in the industry. He has been covering technology issues for 35 years and specialising in financial technology for the past 24, contributing to a range of titles including Dealing with Technology, Waters magazine, Financial Markets IT, Financial News, the Financial Times, and The Times.

Tags: Archive, Featured, JWG, KYC, Markit, Regulation, Uncategorized
  • PJ Di Giammarino June 5, 2014 at 3:17 pm

    Can regulations with similar KYC demands be addressed by the same implementation programme?

    • Yasmeen Jaffer June 5, 2014 at 3:21 pm

      Absolutely. At the end of the day, most of regulations that have come into force in recent years are basically just additional layers of KYC, so It makes sense to collect all this data centrally and if possible, at the point of onboarding.

  • Edward_V_Evanick June 5, 2014 at 3:18 pm

    Goo day – great discussion – is the presentation available for further / additional review?

  • JimDev June 5, 2014 at 3:18 pm

    How can I get more information about Markit | Genpact KYC Services?

    • Yasmeen Jaffer June 5, 2014 at 3:37 pm

      Please visit where you can find materials, recorded webinars and contact information.

  • JimDev June 5, 2014 at 3:19 pm

    What was the scope of the research/survey?

    • PJ Di Giammarino June 5, 2014 at 3:20 pm

      We looked at over two dozen different regulations that require firms to supply customer information. Well over 300 attributes were in scope.

  • Stephen June 5, 2014 at 3:20 pm

    in which (regional) markets do you see that banks will start outsourcing? US, UK, France, Switzerland…?

    • Yasmeen Jaffer June 5, 2014 at 3:40 pm

      I think it’s more of a cost centre as opposed to region specific issue. Firms are looking to realise the benefits of utilising 3rd party providors across all regions of their businesses, and it is for this reason that Markit|Genpact KYC Services will cover all client tys, in all regions and across all asset classes.

  • JimDev June 5, 2014 at 3:20 pm

    Is this a bigger problem for smaller firms?

    • Yasmeen Jaffer June 5, 2014 at 3:34 pm

      I think it’s a problem for all firms. Smaller firms may have less clients on which to perform KYC, but lack the scale of the larger firms to cope with upsurge in volumes. Ultimately, 3rd party providors can help with both use cases.

  • JimDev June 5, 2014 at 3:21 pm

    What/when is typically the tipping point for a frim to begin using 3rd party service models?

    • Yasmeen Jaffer June 5, 2014 at 3:29 pm

      It varies from firm to firm. Regulation plays a big part, as do other internal cost drivers, or a desire to grow into new markets which have been inaccessible to them in the past due to entry requirements – all of these can be factors. I think once firms have realised just how repetive the processes they are performing are, and how much duplication there is across business units and regions within their own firms, they tend to start looking at the alternatives.

  • Stacey Parsons June 5, 2014 at 3:21 pm

    Have you found that the banks tend to be looking at more data driven or process driven KYC solutions?

    • PJ Di Giammarino June 5, 2014 at 3:24 pm

      The results reflect the regulatory project view of life which, in essence, means that boxes are ticked against requirements in a step by step manner – usually by process. We rarely find that data models are aligned across regulatory efforts in a central way – but hope to see that change!

  • Linda June 5, 2014 at 3:23 pm

    Good day to you
    Will a copy/ recording of this webinar be available at a later stage, please?

    • David Bannister June 5, 2014 at 3:24 pm

      Yes, it will stay here on the site for some time

  • Kiran June 5, 2014 at 3:25 pm

    What percentage of KYC solutions would you say are geared toward fraud prevention in the banking sector?

    • PJ Di Giammarino June 5, 2014 at 3:26 pm

      Not enough!

  • David Bannister June 5, 2014 at 3:41 pm

    Thanks to everyone for taking part today – we’ll end the Q&A session now, but feel free to come back with any more questions to me and we’ll direct them to Markit|Genpact KYC Services – or visit

  • Sophie Burdajewicz June 5, 2014 at 3:53 pm

    This Q&A is now closed thank you for your questions