Getting to Know Technology for Easier KYC

Blog Post
Tags: , ,

Getting to Know Technology for Easier KYC

KYC provisions have been dogging companies for years. But new technology is entering to make it all a smoother process.
 
If only the processes involved in know your customer (KYC) were as easy and sweet as the “Getting to Know You” song from the “King and I.” 
 
It’s decidedly not. Instead, KYC requirements are more onerous than ever as regulations governing anti-money laundering, sanctions violations and tax evasion have forced banks to ask for customer information incessantly. What’s worse is that different banks and jurisdictions have differing standards. 
 
Technology solutions—starting with forms that populate with publicly-available information—are something everyone would appreciate—the sooner the better. Judging by a recent Asia Treasurers’ Peer Group meeting in Singapore, it could be sooner. At the meeting members heard from four providers with varying approaches to the problem, including Bloomberg, IBM, IHS Markit and Thomson Reuters. Read more here.
 
Meantime, Moody’s released a report this week saying companies see the new US tax law passed at the end of last year as a positive that will improve cash flow and give them the ability to pay down debt. They also think, to perhaps no one’s surprise, they’ll be better off under the new tax regime. Most respondents also indicated that they will not change financial policies significantly, which likely means their ratings will not be affected, Moody’s said in a sector comment to clients. Read more here.
 
For over 20 years, iTreasurer has delivered intelligence for treasurers. Based on exclusive access to senior treasury executives who are members of The NeuGroup Network of treasury peer groups, iTreasurer takes their real-world experience to produce articles, case studies and reports that are specifically meaningful to treasury best practice. www.iTreasurer.com.  
0