Firstly, our team established a clear view on the baseline questions and consolidated all requests for changes. This baseline was then reviewed and mapped against regulatory requirements, including key implementation guidance documents, and any gaps were highlighted.
The Beyond team engaged the KYC Registry User Group – a group of compliance and operations representatives from over 18 global banks – to refine the baseline and implement changes. This included re-designing the User Group governance process for managing changes to the baseline.
As part of this work, we also worked closely with the Wolfsberg Group, making recommendations for changes to the Correspondent Banking Due Diligence Questionnaire (CBDDQ), an industry standard template.
Our team then collaborated with the internal KYC Registry teams – including operations and technology – to implement these changes to the policy, procedures and ultimately the core technology platform.
We also supported the expansion of the baseline for the Sustainability questionnaire by working closely with the International Chamber of Commerce (ICC), helping to develop an industry standard questionnaire that would help financial services enhance their sustainability approaches.