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Do you know how to Know Your Customers?

Sifting through any database of job ads in Luxembourg lately, and you won’t miss a posting for a Compliance Officer or a job description including KYC/AML procedures. Corporations and financial institutions are currently in great need of talent to complete these specific tasks.

The compliance function is one of the few positions in the financial services industry that has been doing particularly well over the last few years, which comes as a result of the steep increase in the number of applicable regulations. As the risk departments inside firms have expanded, many people are being driven into silos for specific regulatory requirements, due to the sheer amount of work each one requires. This leaves the market searching for individuals with categorical experience in Know Your Customer, Anti-Money Laundering, and Counter-Terrorism Financing, yet there is not so much talent to go around.

Furthermore, and considering the current regulatory context, maintaining KYC operations internally leads to inefficiencies, high cost of ownership, and sometimes lack of quality, and the consequences are often underestimated. That’s why companies are now searching for more agile solutions to meet the requirements without burdening their internal resources, especially knowing the due diligence process of KYC is not a one-time deal.

Observant of this struggle, Deloitte has concluded that these challenges are exactly what make KYC/AML/CTF activities the perfect space for mutualization of expertise, technology and people, in other words a “managed service.” Deloitte Luxembourg recently launched D.KYC, a service that fills the gap that financial institutions and corporations are desperately trying to fill. A unique value proposition on the Luxembourg market, D.KYC offers a digital platform combined with an operational role (Business Process Outsourcing) under a PSF. Externalizing KYC activities to an EU-regulated and ISO27001-certified firm guarantees the required level of effectiveness and efficiency, while speeding up the client onboarding process.

The D.KYC service and underlying platform are built to help firms for the long run, performing onboarding and ongoing monitoring duties while allowing the required oversight and controls through a web-based and secure digital platform. Replacing the need for a fully assembled team of internal specialists, D.KYC allows firms to shift from “KYC maker and checker” to a purely oversight role.

For more information on D.KYC, please visit Deloitte Luxembourg’s website.


Pascal Eber, Partner, Deloitte Solutions
Maxime Heckel, Director, Deloitte Solutions