by Steve Pulley, Managing Director, Client On-boarding and KYC Solutions, Thomson Reuters
Banks’ ever-increasing KYC (Know Your Customer) requirements are hindering the operational efficiency of corporate treasury departments. Steve Pulley, Managing Director of Thomson Reuters Org ID KYC managed service, explores some innovative solutions to the problem.
Customer-centric banking? Not from this perspective.
In the past, only basic KYC checks were performed on new banking clients. Requests were fairly predictable in nature and adding services to an existing account generally didn’t involve additional KYC requests. The globalisation of banking, the events of 9/11 and the financial crisis of 2008, however, have changed all this.