KYC -Issues & Approaches

KYC – Issues & Approaches

Call date: 31st Mar 2020

The discussion focused on the current issues
treasurers are experiencing relating to KYC requests from banks and how they are dealing with them, including the merging of KYC and AML requests. Banks mentioned in this report: BAML, BMG, Citi, HSBC. ING, JP Morgan.

The call was chaired by Karen Van den Driessche whose comments are listed below.

If you would like a copy of this report, please get in touch.

More on Bank Relationships

Chair’s comments

• It seems there is no real solution in sight for a more streamlined, automated, simple and automated KYC process
•  KYC remains a manual, troublesome, time consuming and inconsistent process across and within bank groups.
•  In addition lines between KYC and AML requests seem to be blurred.
• Good news is that some banks are (much) better than others.
• There seems to be a limited number of vendors daring to tackle the conundrum but SWIFT’s offering seems to be a good solution or alternative, albeit limited to SWIFT customers

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