by Susanna Scheffold, Head of Global Securities Services, Global Transaction Banking, UniCredit
Time and cost pressures caused by new regulation and increasing emphasis on risk management are proving problematic for depositary banks undertaking due diligence. Fortunately, common industry standards are already being developed – and these can go a long way to alleviating these pressures.
A combination of regulation and increasing risk awareness has made reliable and effective due diligence a major priority for many depositary banks. But progress on this front has been stifled by the cost of obtaining sufficiently high-quality information.