The demands of meeting know your customer (KYC) obligations are intensifying – and we are aware that KYC is one of the top three challenges facing corporate treasurers when handling their banking relationships.
It’s not currently easy for banks and corporates to share the compliance-related information needed to establish or maintain a business relationship. The existing processes are cumbersome, manual and repetitive – and ultimately inefficient and frustrating for all involved.
The rising challenge
As regulatory pressure on banks intensifies, corporates, in turn, also feel it because the volume of KYC information required increases, adding to their workload.
Most corporates maintain multiple banking relationships, spanning numerous jurisdictions. KYC-related policies also vary between banks and, as an added complication, there is no global standard.