PwC Alderney office could grow as KYC goes global

The accountancy firm is running a six-month pilot scheme in the island to process customer data.

It is a move which mirrors similar centres that the firm has already established for clients in New York, Poland and India.

Local partner Nick Vermeulen said that establishing an office off Marais Square in Alderney had proved no more problematic than anywhere else for the global group and it had recruited seven local people for jobs at the centre.

The Alderney team has been supported from Guernsey and all have undergone training at the firm's anti-money laundering hub in Poland.

If it takes off, it is hoped that the number of staff could rise beyond a dozen and the firm might also look to introduce similar centres in its network.

'With the other centres we have proved that this type of work can be done anywhere, so why can't we do something like this somewhere like Alderney?' said Mr Vermeulen.

PwC intended to develop its anti-money laundering checks on a jurisdictional basis rather than a global basis by company, he said.

And the Channel Islands was a natural 'centre of excellence' for KYC due diligence because of a strong track record and well-respected anti-money laundering protocols already in place.

Mr Vermeulen said that trials being carried out with clients would seek to collate the necessary information at the Alderney hub and then share client details for customers between the various partners in a transaction, cutting out duplication of work.