Know Your Customer policies are becoming increasingly important globally to prevent identity theft fraud, money laundering and terrorist financing. It should not be treated as a merely an exercise to meet regulators mandated requirement, it is process which starts from customer on boarding, relationship management and to the end. current implementation may equate to a set of simple question and a form, however, this is just the beginning of a bigger push from the regulators who are expecting a lot more. I believe, financial institution should look at this as an opportunity to improve there existing customer on boarding, and relationship management cycle.
2 comments:
My view
Nice view, and i believe that KYC would lead to a more precise knowledge for marketing purpose as well. Thus that could permit to have a better customer relationship.
But the real leverage to tackle frauds, money laundering and terrorism financial web will be when all this data will be really cross-analyzed. And this state needs more cooperation between governments and regulators. I don't believe that it's on the client side that more data should be taken, but in the optimization of the current data. By optimization i mean more transparency between institutions, cooperations, and data transfer. And on the regulators side, more cooperations internationally for the data mining, and more flexibility for the actual action with less rigid national regulation regarding international demands and/or other countries requests.
What do you think of my remarks?
Have a great day, and thanks for your nice post.
Post a Comment