This morning I had my usual first-Friday-of-the-month colleagues breakfast. The four of us. The qualified hardly-practiced lawyer, the guy who has been through cancer already, the guy who has experienced too much pain with a disabled son, and then yours truly. Whatever I am defined by. Three of us ride motorbikes, so we have to work at getting onto industry topics.
Interesting, when we began meeting in about 2006, the sunrise breakfast cost us each R40. With a cappuccino thrown in. And the tip. Now it’s about R125 each, for the same thing. But that’s OK.
Today we spoke largely of the world of compliance and Know Your Client. (KYC) What we have to complete and check upon with each client. That it is a bother, but we have to do it. None of us want ‘politically exposed’ clients anymore. Or clients who move through countries that are on the terrorism watch list, or work for potential money laundering industries. Or clients who cost us too much time in relation to the potential earnings. This is going to be the biggest problem for so called ‘small clients’. Sounds really unfair and discriminatory, but a conversation we are all having. The smaller client could easily be ripped off by the agent who works through….