Outsourcing

There has been a seismic shift in financial services compliance and anti-financial crime frameworks, driven by regulatory developments, to principles-based regulation. This is a positive development that has resulted in financial services markets become increasingly competitive with firms being given more freedom to develop controls that are relevant to their chosen markets and structure. With this freedom however, comes increased responsibility to ensure that controls are risk sensitive, relevant and suitable for the task they were designed to perform.

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Organisations that maintain heavy-handed, slow or otherwise outdated controls – for example, those related to ‘know your customer’ (KYC), ‘know your business’ (KYB) or ‘Anti-money laundering processes’ could find themselves becoming less competitive than their peers and less attractive to customers.

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Outsourcing your KYC, Client Onboarding and AML processes to Barley Harbour will result in your company transferring the burden of delivering effective, competitive and customer centric processes. By ensuring that the service delivered is benchmarked against industry practice, Barley Harbour can provide solutions that meet all key performance metrics, which typically includes better customer satisfaction, quality and timeliness of delivery, increased processing and decision speeds, more transparency (e.g. financial crime risk) and adherence to compliance requirements. 

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