Revolutionizing the Financial Markets
Cím: Forradalmasítja a pénzügyi piacok Leírást/ellenőrzések: Több mint 100 000 előfizetőt, amelyek 70 %-a bankok, a pénzügyi az összpontosított közzététele a vezető pénzügyi technológiai hírek a világ, beleértve a technológia blockchain és a cryptocurrencies.
Cím: Forradalmasítja a pénzügyi piacok
Leírást/ellenőrzések: Több mint 100 000 előfizetőt, amelyek 70 %-a bankok, a pénzügyi az összpontosított közzététele a vezető pénzügyi technológiai hírek a világ, beleértve a technológia blockchain és a cryptocurrencies.
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Winter 2016 Sibos i2i Interview 23<br />
KYC<br />
across<br />
global<br />
platforms<br />
Reetu Khosla,<br />
AML and regulatory compliance expert at<br />
Pegasystems<br />
<strong>Financial</strong> IT speaks to Pegasystems at Sibos 2015.<br />
Finantial IT: What are <strong>the</strong> main reasons that you support Sibos?<br />
Reetu: The conference has been focusing on questions and issues<br />
to which we provide solutions. KYC is a core topic this year.<br />
The challenge is to recognise <strong>the</strong> regulatory changes and take<br />
account of product life cycles and, at <strong>the</strong> same time, to exploit<br />
global standards. Banks are looking to improve customer<br />
experience, to streamline <strong>the</strong> flow of information from <strong>the</strong> front<br />
office to <strong>the</strong> back and to meet <strong>the</strong> requirements of <strong>the</strong> new<br />
regulations – KYC, AML, Dodd Frank, EMIR, FATCA and so on –<br />
using global platforms. We can help with this and are working<br />
with many of <strong>the</strong> largest global banks. Sibos is a convenient<br />
forum at which to share thinking.<br />
Finantial IT: Many banks are burdened by legacy systems. From<br />
your point of view, what are <strong>the</strong> solutions that can help banks<br />
to deal with <strong>the</strong> KYC issue?<br />
Reetu: One solution is simply streamlining <strong>the</strong> process whereby<br />
banks incorporate regulations into <strong>the</strong>ir systems. Regulations<br />
have been very paper-based. We look to incorporate <strong>the</strong>m<br />
into technology in a user-friendly way. We work with primary<br />
regulators so that we can provide updates on a quarterly basis.<br />
We are also able to look across countries and identify common<br />
<strong>the</strong>mes. In <strong>the</strong> past, banks that have tried to hardcode and test<br />
KYC procedures into legacy systems have not been able to keep<br />
up with <strong>the</strong> pace of change. We help our clients keep up by<br />
streamlining <strong>the</strong> process. In addition, many of our clients are<br />
finding our API to KYC utility helpful.<br />
And <strong>the</strong> complexity is enormous. The relationship manager<br />
ga<strong>the</strong>rs <strong>the</strong> data for KYC compliance. The sales assistant<br />
enriches that data. It is matched with data which pertains to <strong>the</strong><br />
products used by <strong>the</strong> client. The products – derivatives, forex or<br />
whatever – often come from different jurisdictions. At <strong>the</strong> same<br />
time, <strong>the</strong> bank will be looking to maintain a very high level of<br />
customer service.<br />
Finantial IT: So how many clients do you have now?<br />
Reetu: In relation to KYC, we are working with 25 global banks.<br />
Finantial IT: What trends do you see going forward?<br />
Reetu: One trend is streamlining of data flows from one end of<br />
<strong>the</strong> organization to <strong>the</strong> o<strong>the</strong>r. It’s <strong>the</strong> only way in which <strong>the</strong><br />
banks can keep up with <strong>the</strong> regulatory change. Ano<strong>the</strong>r trend is<br />
globalisation. The banks want and need a global view of <strong>the</strong>ir<br />
clients – even if <strong>the</strong>ir clients are working with <strong>the</strong>m in many<br />
jurisdictions and through many business lines. The banks are<br />
reducing information silos. This means that <strong>the</strong> banks should<br />
be able to cross sell services – corporate/ transaction banking,<br />
wealth management or whatever. Of course <strong>the</strong> customers only<br />
want to provide <strong>the</strong> details that are needed for KYC once. That is<br />
where we help.