Why? Simple really, an organisation has a responsibility to understand in detail who they are doing business with to mitigate risk. Specifically the risk of money laundering, fraud, bribery and illegal transactions generally. Hundreds of millions of pounds is spent annually to ensure KYC regulations are adhered to.
Why, then, doesn’t every organisation, large or small, carry out the same level of diligence on the people they work alongside? Know Your Colleague if you like. If you think about it, the risks are the same if not even higher. Surely you owe it to all of your colleagues, clients and partners to understand the background of everyone in your organisation. It makes sense, right? The cost of a background check (DBS in England and Wales, Disclosure Scotland and Access Northern Ireland) is insignificant compared to those associated with Know Your Customer. Take action today and give all of your stakeholders the reassurance they deserve – Know Your Colleague!!