KYC Issues & Approaches

Report date: 
31 Mar 2020

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
Contributors: 

This report is based on a Treasury Peer Call chaired by Karen Van den Driessche.

Topics covered in this report: 
KYC, AML, GDPR
Service providers discussed in this report: 
SWIFT, BAML, Citi, HSBC, Unicredit, Bloomberg, IHS Markit, JP Morgan, ING

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