Katrien Siewertsz van Reesema and Patrick Ryan (Global EMBA ’02) have just launched a new company - KYCnet BV - in Amsterdam. KYCnet provides specialist "Know Your Customer" compliance services to "Anti-Money-Laundering" regulated industries such as banks, trusts and fiduciary management companies
In direct response to the recent E.U. 3rd Directive on Money Laundering, Katrien and Patrick combined her banking and customer-compliance subject-matter expertise with his process, IT, shared-service and finance experience to provide their customers with what they call an "ourserviced" value proposition.
"We don't outsource our customers’ current activities," says Patrick. "Instead, we replace them in whole and address their underlining regulatory business need with our standardized, fast, smart and cost-effective services."
"Our basic product is the creation and provision of a customer due diligence report." explains Katrien. "The complete and consistent identification and verification of our clients’ customers and their parent organizations; sanctions and bad-press checking; risk-profiling; etc."
The KYCnet services approach is unique and has been well received so far in the market. However, Patrick and Katrien have sometimes had to carefully explain what there're not - KYCnet doesn't sell IT systems or information or news feeds or provide high-level or prescriptive consulting.
"We are an analysis factory and we manage the people, processes and technology - our clients simply call on our services," says Patrick. "We have all of the necessary systems, feeds and AML policies, processes and rules built into our production-line and our analyst teams are set-up to meet variable demand. AML requirements are pretty much the same the world over and as we grow we hope to further exploit global economies of scale".
"Regulation is not going away," adds Katrien. "And in the current environment, we see a new focus on risk mitigation - and cost-cutting."
For more information, Katrien and Patrick are available at info@KYCnet.com.