“I am confident and incredibly focused
on my work. I can guarantee that I will never miss any kind of anomaly or issue
within the compliance processes of your company. I will work tirelessly 24 by 7
and no matter how many new subjects you plan on on-boarding in the future, I
can take it. I can assure you that I will identify expired documents way in
advance, I will communicate and also meet face to face with high risk subjects
directly and will definitely let you know the second something suspicious
happens. I am KYC Portal”.
This would be the way KYC Portal would introduce itself if it had
to be considered for your next compliance recruitment drive. It’s all that you
would want to hear from your potential candidate. KYC Portal is the ultimate
compliance analyst, the best MLRO you can ever employ… and much more.
One of the major quandaries that our clients face on a daily basis
is the challenge of how many people should one employ within the compliance
department. No matter the size of your company, it seems like a circle of doom.
No matter how many people you employ, you can never keep up with the on-going
requirements by regulators. Some small companies keep the on-boarding of new
customers to a pre-defined limit so that they don’t overload the compliance
team and avoid having to recruit more staff. Other companies keep adding more
resources in the hope of keeping up with the work-load. HSBC currently employs
6,000 people in compliance world-wide.
No matter how you decide to manage this issue, it seems that you
can never keep up. The reason is simple, the on-boarding vs on-going cost ratio
makes it impossible to catch up. The current cost of on-going reviews for a
subject is three times the cost that you would have spent on on-boarding that
same subject. No wonder you can never get to a stage whereby you are up to date
on all past subjects! We have actually seen cases whereby clients factor in the
cost of not abiding by regulatory requirements in the cost of service, as it is
cheaper to pay a fine than employ enough resources to avoid it happening in the
“I eliminate the need to keep
employing resources to keep up with the ever increasing regulatory burden. I
automate the manual aspects of compliance, allowing my colleagues to
effortlessly take real time assessments on subjects’ risk.
As for salary expectation, I think I
am well at par with what I have to offer. I am even cheaper than the yearly
salary of one of your compliance analysts.
is why you should consider me when you are next thinking of expanding your
compliance team. I will not be replacing my colleagues, I will just be giving
you the peace of mind that whatever the work-load, whatever the regulatory
burden, everything is always fine. I will safeguard your brands’ reputation.”