Remove barriers to group-wide Know Your Customer standards, urges Basel Committee
The Basel Committee on Banking Supervision has called on all national jurisdictions to remove legal restrictions that impede effective consolidated Know Your Customer (KYC) risk management processes, and facilitate the process by providing an appropriate legal framework, which allows the cross-border sharing of information.
Global banks should develop global risk management programmes that are supported by policies that incorporate group-wide KYC standards, says the Committee.
“For reasons of customer privacy, some jurisdictions continue to restrict banks’ ability to transmit names and balances as regards
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