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Pascal Morosini (i-Hub): Outsourced management of periodic reviews and mutualization to help coping with increasing obligations

Despite the help of AI, fighting money laundering activities remains a people-driven, manually operated and challenging task for asset managers. They must indeed balance the obligations of staying up to date with ever-changing requirements and complexity per jurisdiction against the increasing cost of compliance. 

Why does i-Hub reduces Customer Due Diligence (CDD) pain points for asset managers ? 

The rising cost of compliance for routine tasks often distracts asset managers from higher value-add risk management efforts. i-Hub assist clients with a more cost effective delivery model than asset managers. Our clients realize up to 40% further cost reductions over time as our innovative technology solutions scale and achieve additional process efficiencies. 

Our KYC Partner outsourcing service drives continuous improvements thanks to our experienced KYC professionals who have first-hand knowledge of regulatory requirements and leading industry practices. We help our clients updating their KYC files to the highest level of compliance. 

i-Hub overcome the challenges of outdated, slow and disparate legacy technology that is unable to respond in a timely manner to the regulatory landscape. The i-Hub’s technology consolidates data through a centralized repository, provides optimized KYC/CDD workflows and mutualized KYC data & documents to improve operational processes, oversight, consistency and efficiency. 

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How does i-Hub KYC/CDD service managed standardizes the asset managers approach during CDD reviews/updates and puts them on the path to maintaining sustainable KYC best practices ? 

In an ever-changing regulatory environment, asset managers find it increasingly challenging to strike a balance between regulatory compliance, positive customer experience and operational efficiencies. Asset Managers attempting to implement sustainable KYC and CDD programs often struggle with a variety of issues such as quality and timeliness issues in process, turnover of KYC workforces, the rising cost of compliance an disparate technology and data. 

Many asset managers fail to implement best-in-class CDD and Enhanced Due Diligence procedures, which may prevent or catch money laundering activities, and must undertake intensive, expensive KYC remediation programs. 

Our efficient KYC Partner service enables our clients to concentrate on their core business and benefit from our extensive “Know How” optimized processes solution with highly qualified specialists validating data and documents based on asset manager’s requirements. We also perform periodic CDD reviews based on each Asset Manager’s specific own Risk Based Approach that will be calibrated independently within the i-Hub platform. 

 

What are the benefits of relying on i-Hub’s KYC/CDD managed services?  

CDD is not a one-time process. Rather, it’s ongoing monitoring where asset managers will carry out ongoing monitoring of their investors’ activities to identify any changes that might indicate an increased risk. i-Hub’s KYC Partner service carry out this activity thanks to its standardized approach and processes, its highly skilled teams, its centralized repository, its adjustable risk scoring module to define the asset managers' owns RBA that is itself fed by the daily name screening engine and then by its interconnected platform with European trade registries. 

For speeding-up onboarding and KYC files reviews, i-Hub  has developed its system to enable KYC data and document mutualization triggered by the investor's consent to sharing in line with GDPR’s rules.  

If asset managers wish to remain essential in today’s digital economy, they need to boost their comprehensive online capabilities by focusing on providing a seamless customer experience from the very first touchpoint. Their onboarding process can be started through the i-Hub digital portal enabling the collection of data/document set by the Asset Manager for both the onboarding phase and later lifecycle management. 

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