A KYC ‘centre of excellence’ in Alderney pioneered by accountants PwC has officially launched.
The firm opened a seven-strong centre in Alderney a year ago, initially on a six-month pilot basis, and now it has been formalised, with the intention of transforming the process of client identification checks.
The PwC Centre of Excellence is a centralised utility system which promises to make client onboarding a simpler, more cost-effective process while still conforming to stringent KYC requirements.
‘Who believes our clients enjoy the onboarding process when they start working with us? We don’t think anyone enjoys it and that’s why we started looking at it,’ said local partner Nick Vermeulen. ‘We all think there’s got to be a better way of doing it and have invested time and effort into looking at it.’
The utility is a managed service activity that streamlines the collection, verification, storage and sharing of data among participating financial institutions.