KYC resource shortage is key talking point at Jefferson Young conference
The conference, held at Cass Business School in the City of London, welcomed a panel of key leading professionals to share their views and debate the risks and benefits/opportunities originating from KYC legislation.The event was the second that Jefferson Young have organised under the EU Regulation Exocet (Jefferson Young are a founding partner of the Exocet), a not for profit advisory and networking group examining the impact and working strategies arising from financial services regulatory legislation and change.
The event’s speakers Jon Sweet (Lysis Financial) and Andrew Yuille (Thomson Reuters) addressed a number of key points in their discussion of KYC, with a key area of focus being the resource gap for talented and properly skilled KYC professionals as well as the advantage and possibilities and the potential pitfalls, for providing utility services and shared data for KYC. Both of these topics are proving to be fertile and important issues within Financial Services. The presentations, and subsequent debate, by Lysis Financial and Thomson Reuters, provided interesting views in the differing approaches and opportunities surrounding provision of KYC utility services. The panel discussion that followed included the speakers as well as David Mellor (Lysis and Cass), and Grahame White (ACAMS), who shared a lively debate with the audience that included professionals from the banking, financial consultancy and trading worlds.
Reflecting on the KYC Breakfast Briefing, Jefferson Young’s managing director Matthew Argent observed, "The conference this week was extremely useful, in creating a dialogue around the KYC utility. Forums like this provide a fantastic opportunity for professionals to & lsquo;compare notes’ and to share the lessons learned from their own implementation of KYC. The speakers and the panel provided some really interesting discussion and some contrasting observations around the operational strategies required to manage the challenges and opportunities created by KYC. Ultimately the point that became clear was the resource gap for KYC Professionals. As with all regulations, expertise is key, and with a great number of organisations seeking to improve their KYC utility, the demand for professionals with expert knowledge and skills in this area is only likely to increase.
We were really pleased to be able to organise this event, adding to the success of the March EU Regulation Exocet event. I would like to thank the panel and the speakers for joining us on the day, as well as Lysis Financial for their part in organising the event.’