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.
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
CompleXCountries Treasury Peer Calls are expert-led confidential peer group calls in which a small group of expert treasurers compare their approaches to specialist treasury challenges, answer each others' questions and combine knowledge. If you would like to know more about what we do, or to receive our Global Treasury Intelligence reports, please get in touch.