PwC launches KYC ‘centre of excellence’ in Alderney

A KYC ‘centre of excellence’ in Alderney pioneered by accountants PwC has officially launched.

Pic by Adrian Miller 29-10-15Alderney Stock photos for archiveHarbour

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.

Comments for: "PwC launches KYC ‘centre of excellence’ in Alderney"

Oskar

Another example of where no explanation of an acronym appears in a Business pages article. Yes, perhaps people in the finance or retail trade know that 'KYC' stands for 'Know your customer', but many other readers of the Press may not.

Only when one gets down to the article below, 'Guernsey is ahead of the curve on KYC', does one find an explanation of that acronym. Perhaps it is felt that non-finance/retail folk really have no business looking at the business page?

Esprit

Thanks for the explanation, I had initially thought that it was something like this, but for chicken:

http://tinyurl.com/zwmfrxp

Island Wide Voting

Kentucky Yucky Chicken?

RobB

I am surprised you got as far as KYC...what about PwC!!!

Oskar

Cheers RobB - Fair point, although if you look in the Guernsey telephone directory (page 174), you'll see that this company is now actually called PwC.

Us oldies will remember it as Price Waterhouse Cooper, but presumably some PR guru decided that wasn't trendy enough for today's market!

Cher Eugene

Prize Water Closets, perhaps.

DM

A good news story for Alderney - nice.

Oskar

Doh, and there's another article on the Business page today (Fri 9th) with an unexplained acronym. This time it's ICSA.

ICSA appeared in an article last week too without explanation, but on that occasion I learned thanks to a post on this forum from RobB that it stood for Institute of Chartered Secretaries and Administrators.

I'm sure acronyms are explained on other pages of the Guernsey Press, but for some reason their meanings are not shared on the business pages.

Nige

To be honest, it took me a while to realise Pete Marwick wasn't one bloke with a lot of employees.