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IBS Journal October 2015


KYC Exchange Net:


Make room! Make room! The Know Your Market (KYC) market is getting ever more crowded: Swift, DTCC, Thomson Reuters, Markit and KYC Exchange Net are all vying for business. But how the latter complements, rather than competes with, other initiatives is not always understood.


Privatbank IHAG HQ


by Martin Whybrow Hans-Joachim von Hänisch, managing director at KYC Exchange Net, emphasises the complementary nature of the offering in relation to others, particularly such a heavyweight as Swift with its KYC Registry. It has been something of a battle to


sign recruits for Switzerland-based KYC Exchange Net, but a number have been added of late. The roots of the KYC service stemmed


from von Hänisch’s experiences at Stand- ard Chartered Bank where he was in the bank-to-bank business team as director and regional head for origination and cli- ent coverage for banks based in Germany, Switzerland, Austria and Central and East- ern Europe. In this role, von Hänisch saw the mounting problems for banks at both ends of the correspondent relationship. ‘Espe- cially after the fines, we found the team was completely absorbed by KYC,’ he says. ‘If doing the KYC alone costs €10,000, then you need to make quite a lot of money from the customer before you make a profit.’ There is also then, of course, the reputation- al risk of getting things wrong, as Standard Chartered knows only too well. For some, the obvious conclusion has


been to de-risk by exiting relationships, but all the banks were exiting the same relationships, says von Hänisch. ‘It meant some banks were becoming cut off from the international community, which wasn’t good for anybody.’ He represented Stand-


48 © IBS Intelligence 2015 www.ibsintelligence.com


spotlight: kyc


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