Basel urges removal of barriers to KYC
BASEL, SWITZERLAND – Some countries still have restrictions that impede the use of consolidated Know Your Customer (KYC) risk management processes, according to the Basel Committee on Banking Supervision.
The Committee has urged countries to remove legal restrictions to KYC requirements, and facilitate the investigative process by providing an appropriate legal framework, which allows the cross-border sharing of information.
In its Consolidated KYC Risk Management, released in early October, the Committee said the adoption of effective group-wide KYC standards was an essential part of risk management.
Richard Girgenti, principal of the KPMG Forensics Group responsible for the Americas, global
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