Pawel Kuskowski talks to Mark Weclawek, CEO of Mwek Solutions, a Gatenox partner delivering consultancy, outsourcing and resourcing services specialising in Compliance, Risk and Financial Crime to the Financial Services, FinTech, Payment Services, Digital Asset and Crypto sectors. They discuss how compliance is a growing sector where we will need more people in the industry and that the digital asset industry is now aware that compliance advisory and practical implementation has been put by the wayside for far too long. Therefore, hiring someone who is knowledgeable about that is becoming a priority. There is also a huge need for skilled KYC analysts.
Mark claims that automation has a lot of potential because KYC is a linear process but just done differently in every company due to a different interpretation of what they think the regulators want to see. The two main drivers for companies to prioritize compliance are: the fear that they will have repercussions if the regulator takes a closer look at them and the realization that improving their KYC process can have commercial benefits.
RiskPod is a commercial association of 14,000 global compliance professionals whose members are trained, vetted and experienced to answer any question. This community is increasingly being tapped into as the demand for outsourcing and staff augmentation increased in the last 3-6 months. Primarily, the demand comes from companies needing to do remediation but also for process improvement. In general, there is an appetite for technology and AI to speed up the information gathering part of compliance and KYC processing.
