Are you a scale-up or medium-sized business, private equity fund or pension fund? Is Know Your Customer (KYC) or Ultimate Beneficial Owner (UBO) compliance taking too much of your time? KYC as a Service can help overworked legal counsels to optimise, streamline and better manage their KYC and UBO compliance workflows quickly and cost-effectively.
KYC compliance is a headache
Whatever the size of your business, the KYC and UBO rules to counter fraud, money laundering and financial terrorism place another burden on already stretched legal or compliance teams. Performing the necessary Customer Due Diligence eats up precious time. This is less of a problem if you are a large financial institution or global corporate. These can spread the workload, hire extra staff or ask companies like Legadex to supply experienced support.
But for lean-running scale-up and medium PE firms, pension funds and businesses, meeting KYC and UBO rules is a major headache. The result is spreadsheets and scattered information, ad hoc processes, last-minute rushes, insufficient audit trails and a general lack of control. Plus, talented legal professionals spending too much time on a mostly administrative task.
How we can help your KYC compliance
The good news is that we can help you too. As an innovative Legal Service Provider, we specialise in managed legal services, legal and compliance consulting and advanced information and implementation services. Our 300+ clients across Europe include leading private equity firms, scale-ups, corporates and banks. On KYC compliance, our know-how derives from providing on-site support to major banks and corporates. Now, by combining this experience with our managed services offering, we can offer a similarly high-quality solution to a wider group of companies to:
- lift the burden of KYC administration from your legal counsel or legal team, increasing your operational efficiency so you can focus on more complex advisory tasks
- improve your compliance processes with custom workflows that ensure you meet your legal requirements
- strengthen your hand in discussions with regulatory authorities about appropriate compliance levels.
Legadex systems advice and operational support
Our KYC as a Service offering comprises two elements: project-based advice and implementation to get your workflow in order, and ongoing operational managed services performed remotely, from our office. These come as a package but are also available individually.
KYC systems advice and support:
Implementation of cost-effective, right-size technology solutions that automate and centralise compliance, standardising your KYC onboarding process. This can involve adapting your existing solutions or employing SaaS solutions that align with your reporting and audit needs.
Operational managed services:
- Collection, analysis, verification and archiving of legal and KYC documentation, identifying UBOs and Politically Exposed Persons (PEPs).
- Anti-Money Laundering (AML) checks and transaction-monitoring checks.
- Reviews of current and potential clients against international financial sanctions lists.
- Assistance with compliance reviews and auditing in accordance with your internal compliance policies.
- Assistance with answering compliance questions from regulators and banks.
- Advice on new legislation and regulatory developments.
- Support for your Legal or Compliance department on general KYC and CDD-related matters.
A cost-efficient solution
Do you want to have more time to focus on advisory tasks and the security of knowing your KYC compliance process is in experienced hands? Our solution starts from just €750 per month, depending on your ongoing monthly needs. For more information, please contact Morad Kada or Luc van Daele:
T: +31 (0)20-8208396
Luc van Daele
T: +31 (0)20-8208396