Energy LEAP Announces KYC Forum

18 Jan 2022

Energy LEAP Announces KYC (Know Your Customer) Forum

Energy LEAP is pleased to announce the launch of a quarterly Know Your Customer (KYC) Forum, where industry participants can meet to share common challenges and raise awareness of good practices for Counterparty Due Diligence (CDD).

 

Introduction

Within the Energy Trading Industry, “Know Your Customer/Counterparty” (KYC) and the associated “Counterparty Due Diligence” (CDD) process form critical components of financial crime prevention. While every company manages their risk individually, all are interested in ensuring the counterparties they choose to work with do not expose them to Financial Crime Risk.

 

Energy LEAP KYC Forum

A working group was established in 2020 to consider whether there was value in setting a “Baseline KYC Standard” for the industry. When the pandemic sent everyone home, this group continued to connect virtually, and found the industry connections and space to discuss KYC as value added.

Through these meetings, the team observed that each participating company must take ownership for its own risk appetite for KYC and setting a baseline standard is not where the most value was seen. But rather, the ability to share common experiences and discuss problem areas provided an opportunity to highlight best practices. What all have welcomed is the ability for participating members to be able to meet and share their thoughts in a forum which is safely supported by the Energy LEAP anti-trust framework.

For this reason, the team has decided to relaunch themselves as the “KYC Forum”. Again, this forum will provide an opportunity to discuss and share common challenge areas rather than determining a baseline standard. Of course, the Energy LEAP environment can support the publication of any best practice guidelines that emerges should this be the case in the future.

Building upon the broad support across all the Energy LEAP members and their subject matter experts, the forum is now open for additional members to join, with the opportunity to bring questions and challenges for discussion, and to be part of the ongoing thought leadership about emerging best practices.

Should you be interested to hear more about these quarterly meetings, please do not hesitate to reach out to us using the Energy LEAP contact form here.

We look forward to welcoming you to this forum.

Peter Harvey
Energy LEAP Programme Director 

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This document is provided by Energy LEAP for the free and voluntary use of market participants.

Energy LEAP’s mission is to enable excellent processing interaction in the energy supply & trading industry while capitalizing on standardization and digital innovation to create lasting efficiencies. More information about Energy LEAP and how to join is available at https://www.energyleap.org/memberships/membership/.

Membership in Energy LEAP is open to energy trading, service and association entities on a nondiscriminatory basis. All members must be legal entities, not natural persons.

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