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Alderney is looking to the future as it welcomes PwC’s Know Your Customer (KYC) Centre of Excellence (CoE).
In what is hoped will be a world first for providing K YC checks for all financial institutions in a particular jurisdiction, PwC has chosen to pilot the concept on Alderney.
Globalisation, increased trade and money flows, the emergence of new technologies and the financial crisis of 2008 have collectively compounded the threat posed by transnational organised financial crime, which continues to increase year by year.
For Financial Institutions (FIs), the costly business of keeping pace with the required compliance, monitoring and control of financial transactions has similarly continued to increase.
PwC’s CoE in Alderney will service FIs operating within the Bailiwick of Guernsey. The technologically-enabled CoE will perform KYC services as required by the local regulator, the Guernsey Financial Services Commission (GFSC).
The KYC services will include Identification and Verification of clients as well as screening based on public/commercial sources.
David Grace, PwC Global Financial Crime Leader, said: “One of PwC’s mandates is to help in the fight against financial crime and to build and maintain trust in global financial markets. We want to ensure the reputation of the Bailiwick of Guernsey is seen by the international financial community as an offshore financial center with strong and consistently applied KYC standards which meet the requirements of the GFSC.”
Stuart Trought, President of the States of Alderney, said: “The location of PwC’s KYC centre on the Island reinforces Alderney’s reputation as an advanced jurisdiction for regulation and enhanced compliance. As and when the CoE expands, further employment and other opportunities will be created for Alderney. Alderney is a proven location for the operation of Global Financial and Regulation services, and this new venture fits well with the Island’s ambitious economic development plan.”
