The KYC ("Know Your Customer") working group started in June of 2018 with the objective of providing the IECA members a guide on best practices, changing industry standards, and one or more checklists of the multiple issues to be considered when performing a company’s KYC and Customer Onboarding processes. This Working Group is a collaboration between IECA's Contracts and Legal Education Group (CLEG) and IECA's Credit Analytics Education Group (CAEG). During the KYC working group's monthly calls, the members of the Working Group have been addressing multiple issues, including prohibitions of Funding Terrorism, Anti-Money Laundering (AML), and Fraud, as well as potential liabilities arising from changing Data Protection Rules and Cyber Security Concerns. The KYC working group is now working on compiling our research and drafting a whitepaper for the IECA membership.
This working group is Co-Chaired by Phil Lookadoo (Haynes and Boone, LLP) and Victor Ureta (Acclaim Energy Advisors). If you have any questions about the KYC working group, please contact Phil or Victor for more information.