KYC: the state of play
Background:Hans-Joachim von Hänisch, Managing Director Sales and Product Development, KYC Exchange Net AG; and Jim Nelson, Compliance Director, Standard Chartered Bank
Rules, guidelines and recommendations around KYC (Know Your Customer) are neither globally consistent nor prescriptive – all they do is to outline opinions about what is “best practice”. Banks are then left to their own devices and have to develop their own individual policies based on best-practice recommendations. This in turn leads to banks following different paths, all believe their own approach is best, and the more this happens the lower are the chances for an agreed “standard” approach. And cost are going up uncontrollably. The industry needs to get their act together and collaborate in this segment of compliance. To discuss what can be done by whom and how, the Financial Services Club has gathered a number of great perspectives from across the industry.
Hans-Joachim von Hänisch, Member of the Board, Managing Director Sales and Product Development, KYC Exchange Net AG
Mr von Hänisch joined KYC Exchange Net AG in June 2013 after five years at Standard Chartered Bank, London, where he was Director and Regional Head for Origination and Client Coverage for banks based in Germany, Switzerland, Austria and Central & Eastern Europe. Mr von Hänisch was deeply involved in the strategic client development of Eastern Europe and gained valuable insights into KYC requirements for emerging market clients. Between 2009 and 2013, Joachim von Hänisch represented Standard Chartered Bank in the European Council of BAFT-IFSA and chaired the BAFT-IFSA KYC Initiative. Prior to his role at Standard Chartered, Mr von Hänisch was a Managing Director at WestLB AG, London, were his roles included senior positions in bank relationship management, funding, private placements, bond origination and bond syndicate. Mr von Hänisch started his career 1989 at Manufacturers Hanover Trust and its successors Chemical Bank and Chase Manhattan in Frankfurt and holds the degree of Diplomkaufmann from the University of Münster, Germany.
Jim Nelson, Head of Financial Crime Compliance, Europe, Standard Chartered Bank
Jim Nelson is the European Head of Financial Crime Compliance at Standard Chartered Bank, supported by a team of 20 professionals. In this role, he is responsible for dealing with all aspects of financial crime affecting the organisation, from London to Moscow to the Falkland Islands. Prior to this, Jim was the MLRO for BNP Paribas’ UK Investment Banking and Private Banking businesses for a number of years, where he held seven CF11s. In a career spanning almost 18 years in financial crime risk, Jim has also previously held positions with Bank of America in London and Credit Suisse in Hong Kong. Prior to entering banking, Jim spent seven years in KPMG’s Forensic Accounting division, based in London and the Far East, and covering a range of investigations, corporate intelligence, expert witness and regulatory assignments. He is a chartered accountant and certified fraud examiner.