Ongoing monitoring of customer AML risk can be regarded as a very, or even the most, severe headache faced by Financial Institutions in managing AML/CFT compliance risk. Many regulatory penalties and fines imposed on Financial Institutions were due to ineffective or inefficient ongoing monitoring conducted on existing customers. One possible reason is the lack of digital support in middle and back-office operations performing these functions. Even though digital transformation has played a critical role in maintaining Hong Kong’s position as a leading international financial center, and banks have had strategies in place for several years. There has been a lack of focus on digitally transforming operations on Know Your Customer (KYC), in particular on ongoing monitoring.
Perpetual KYC (pKYC) is a new operating model that some banks globally are moving towards to further enhance the customer experience, manage costs and reduce risk. But is it the cure to the pain points in AML/CFT ongoing monitoring? Our Association is honour to co-host a webinar with Encompass Corporation to explore various aspects of this new pKYC model and to evaluate whether this is a right tool to the problem.
Speakers
Howard Wimpory
Encompass Corporation - KYC Transformation Director
Howard is an experienced Operational Transformational Leader who has spent 35 years in Financial Services with the last five leading global KYC Onboarding/Refresh, Sanctions Screening and Transaction Monitoring functions. Howard has proven record of delivering technology led process re-engineering driving strategic benefits.
Brent Sellors
PwC – Consulting Director, Forensic Services
Brent Sellors is a Consulting Director in the Forensic Services practice of PwC Hong Kong. He advises on the prevention and investigation of money laundering and financial crime as well as matters of regulatory compliance. With over 10 years of professional experience, Brent joined PwC Canada in 2009 and has been with PwC Hong Kong since 2013.
Brent specialises in leading complex multi-jurisdictional mandates with a focus on anti-money laundering, fraud and forensic accounting examinations. His anti-money laundering experience has included the development and evaluation of anti-money laundering policies and procedures, a study of industry-wide regional onboarding practices as well as the remediation of know your customer profiles. Brent has been involved in a range of investigations involving criminal, civil and regulatory allegations of employee fraud, asset misappropriation and financial statement fraud.
Lawrence Yeung
Earth Channel Limited - Operations and Compliance Advisor
Before joining Earth Channel Limited as Compliance and Operations Advisor, Lawrence Yeung has over thirty years of experience working in various sectors of large international banking corporations, including HSBC, Westpac Banking Corporation in Australia, Bank of America and finally China Construction Bank (Asia). During his career in these corporations, he had managed different departments covering systems solutions, business analytic, operational planning, corporate security, operations risk management as well as anti-money laundering compliance. He had also assumed different governance roles in China Construction Bank (Asia) including Chairman of Operations Committee, Concurrent Secretary of Anti-money Laundering Compliance Committee, member of the Risk Management Committee and member of Management Committee etc. He is also the founding member and the Honorary Treasurer of the RegTech Association Hong Kong.
Benjamin Petit
Chekk Digital Identity - Co-Founder & Head of Business Development
He works in senior international business development and finance professional with 16 years’ experience across disciplines (Business Development, Strategy, Finance management, M&A, Contract Management and Structured Finance) and across Europe and Asia. After having co-founded a boutique M&A in Paris supporting SMEs and start-ups, Benjamin came to Asia and gained 15-year experience business development, M&A, and finance, leading financial teams and driving revenue growth across Asia for MNCs. Prior co-founded Chekk Benjamin was CFO of an MNC in Asia and Board of Director of various entities.
Jenny Chow
RegTech Association of Hong Kong - Honorary Legal Advisor
She is co-founder of Regtitude Limited, a FinTech company focused on leveraging emerging technologies on helping clients navigate the rapidly changing regulatory environment around FinTech. Her success in creating FinTech/ RegTech solutions for the market is the result of her extensive experience as a practitioner in the field of securities laws and compliance, including roles as a member of the drafting team of the Securities and Futures Ordinance in Hong Kong and C-suite executive of Mainland Chinese investment banks.
Over the past ten+ years, she has been selected as a trainer for different organisations in the finance field, providing insight into various aspects of best practices, regulatory compliance, ethics and code of conduct and ESG. Recently, she has delivered talks on FinTech, RegTech, Crypto Tracking and Investigation to Hong Kong Police, banks and investment banks.