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AFB Practice Roundtable: How Can Banks Navigate the Regulatory Requirements for Identity Verification (IDV)?

AFB is delighted to partner with FullCircl for a practice roundtable that will consider how identity verification (IDV) can play a key part in the compliance programs of non-UK banks. The roundtable will examine how combining a data and document led approach to onboarding is an effective method to navigate regulatory requirements.

The focus of the discussion will be on IDV and will consider how managing the customer onboarding journey has become integral to regulatory compliance and satisfying rising customer expectations.

We are grateful to AFB member firm, Habib Bank, for hosting this roundtable.

Why attend?

In an increasingly digitised world, financial institutions are considering the balance between a compliant onboarding journey and a positive customer experience.

With the development of global AML regulation, including the European Union’s AML Directive and the UK’s Economic Crime Plan 2 in the UK, together with fines $835 million+ being given out to banks in 2023 for AML failings, having a watertight compliance program covering both consumer and corporate verification is becoming increasingly important.

The roundtable will review the ongoing requirements of global regulation and how financial institutions can use technology alongside manual intervention to increase both the efficiency and effectiveness of compliance.

FullCircl will also review the challenges which arise due to cross border regulation, variations in demographics, and the emergence of AI and machine learning.

Attendees will be invited to share their perspectives on these challenges, draw upon the points raised and pose questions to the team at FullCircl and each other.

AFB will circulate an agenda and a series of questions to those registered to attend in advance which will be used to aid discussions.

There will be refreshments and networking from 15:30 before the roundtable discussion starts at 16:00 and after the discussion ends from 17:30 to 18:30.

Please note that capacity for the roundtable is limited to 20 members and one person per member bank.

What will members gain?

The discussion aims to equip firms with actionable strategies and best practice to meet challenges arising from KYC, AML, IDV, and anti-fraud measures.

Who should attend?

Representatives from Risk, Compliance and Operations teams of AFB members.

Facilitator

Ben Lachenal, Identity Solutions Lead

Ben is an Enterprise Account Manager at FullCircl. With over six years of experience in AML/KYC, Document Verification, and Biometrics, he has collaborated closely with businesses of all sizes to help them strike a balance between regulatory responsibilities and excellent user experiences. Understanding that the onboarding stage is often the first touchpoint between a customer and a business, Ben recognises the critical importance of those initial minutes. He has worked with startups through to major banks to help optimise this crucial period, enhancing strategies to combat fraud, meet regulatory requirements, and maintain high onboarding conversion rates without compromising user satisfaction. Ben’s expertise ensures that clients can effectively manage compliance while delivering smooth and engaging onboarding experiences.

Logistics

Cost:        Included in AFB membership (no fee)

Format:    In-person at Habib House, 42 Moorgate, London, EC2R 6JJ

Date:        Tuesday 9 July 2024

Time:        16:00 – 17:30 (registration and refreshments from 15:30)

If you would like to submit a question or have any specific areas that you would like the session to address, please send them to AFB at secretariat@foreignbanks.org.uk  You will receive details on how to join this session a week before the event.

Sponsored by

 

 

FullCircl is a RegTech SaaS platform that removes the verification and regulatory roadblocks to drive revenue growth. Its software, delivered through a platform, API, and suite of applications, is used to identify and acquire customers, verify entities and consumers to accelerate onboarding, and retain and grow customers by delivering proactive monitoring. FullCircl identifies millions of actionable insights daily on entities from 160 countries, providing a near real-time record of companies, their officers and shareholders, and the relationships between them. FullCircl improves commercial effectiveness while empowering banks to stay ahead of regulatory requirements and make informed decisions about their customers.

FullCircl was formed following the merger of Artesian Solutions and DueDil and is backed by top tier investors including Octopus Investments, Notion Capital and Augmentum Fintech. In 2023, FullCircl acquired W2 Global Data Solutions, strengthening its KYC, AML, and identity verification capabilities. Today, it serves 700+ customers including 7 out of the top 10 UK banks, 15,000+ users, processes over 300 million onboarding and monitoring transactions per month and facilitates the onboarding of 200,000+ customers annually.

You can find out more about FullCircl here

Hosted by

 

Habib Bank

Habib Bank AG Zurich plc began operations in the United Kingdom in 1974. Today, the Bank offers its services through its branch network in London, Manchester, Leicester and Birmingham. The Bank’s operating model is firmly rooted in delivering high quality service and adopting a long-term approach to fostering customer relationships. Tailored to specific market segments, this model is designed to achieve strategic objectives. The Bank’s core principle of ‘Service with security’ has cultivated lasting customer relationships that travels through generations and borders, affirming its reputation as a dependable business partner. With a deep historical connection to the Indian subcontinent and the intrinsic value of being a family-owned financial institution, customers view the brand as congruent to reliability and confidence.

Our product catalogue comprises buy-to-let finance, commercial loans, working capital finance, current accounts, savings accounts, notice accounts, fixed-term deposits, and treasury services. Clients also have direct access to fixed-term bonds through the web-based platform.

You can find out more about Habib Bank here