PwC has opened its Know Your Customer (KYC) Centre of Excellence (CoE) in Alderney.
In what is hoped will be a world first for providing KYC checks for all financial institutions in a particular jurisdiction, PwC has chosen to pilot its concept on Alderney.
PwC chose Alderney because of the availability of labour, and because of full support from the local politicians.
Globalisation, increased trade and money flows, the emergence of new technologies and the financial crisis of 2008 have collectively compounded the threat posed by global 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.
Located at Maison Des Venelles, Venelles Des Gaudion, the CoE will initially have seven staff.