Blog

Are Anti-Money Laundering procedures expensive? Try without…

Recently, a friend reminded me of Abraham Lincoln’s phrase: “If you find education is too expensive, try ignorance”. This wisdom could be applied to our KYC sphere, saying “If you find that Anti-Money Laundering procedures are expensive, try without”. Since the entry into force of the 4th European AML/CTF Directive in June 2017 and its…

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Due Diligence: Data Acquisition

As I indicated in my previous post, data acquisition procedures to perform due diligence are a topic that comes up regularly in the discussions. The ACAMS meeting did not fail in this respect. All the speakers agreed on the importance of collecting information to achieve correct due diligences. Opinions differ however on the value of…

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ACAMS London 2017: the great event of the KYC

Like last year, we were in London at the beginning of June for the ACAMS European great event, ears wide open to the latest news and some “naive” questions on the tip of the tongue, as well as on the lookout for the VIPs that one runs into during the coffee breaks. Given the proximity…

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IBAKUS COMPANY SEARCH® to see further and faster

Know Your Customer, this is the watchword for a long time. I agree with the knowledge, but how to do it fast and cheap ? In order to answer to that question, we’ve created a new tool : IBAKUS COMPANY SEARCH®. Let us start from the observation that the demands of KYC, to which we…

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Identity & KYC Summit Europe

Some time ago, I was hanging around in London at the Identity & KYC Summit Europe to listen to learned people talking about the question.  Discussing about identification and KYC has always had this gift to excite my curiosity, and I must admit to you guys that I was not disappointed! First observation, they want…

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4th Directive: goodbye 2016, perspectives for 2017

Happy New Year to you from the entire IBAKUS® team as well as from myself. May 2017 (the year that will see the coming into force of the 4th Directive) bring you happiness and health! Hard work brings prosperity, and since you are not scared about work, everything will be for the best! I guess,…

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Enhanced customer due diligence and PEPs

After having discussed the simplified customer due diligence, I will take you to the other end of the scale: we’ll talk about enhanced customer due diligence and PEPs. Basically, what is a PEP ? We are talking about Politically Exposed Persons. This term generally refers to bearers of a political mandate. Article 3, 9° of…

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Anti-money laundering measures and simplified customer due diligence

When I am talking to an assembly of colleagues about the range of measures to be taken in the context of a Anti-Money Laundering / Combating the Financing of Terrorism (AML / CFT) policy, I am often confronted with suspicious bewilderment just until I am elaborating my reasoning and talking about simplified customer due diligence, which…

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Determine the customer’s source of funds

Among the topics covered at the recent European ACAMS conference in London, knowing how to determine the customer’s source of funds was considered as the most sensitive issue by the various speakers. A quick survey of the room revealed that 76% of the participants put this issue at the top of the list. Two different…

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