KYC concern slows asset managers’ move into China
Rush into $2.2 trillion China funds market tempered by problems obtaining client data
In the race to corner a share of China’s $2.2 trillion asset management market, global fund managers are hitting a snag: uncertainty over who exactly they are doing business with in the country.
Fund manager caution is understandable, given the global focus on anti-money laundering and China’s own moves to stamp out financial crime and corruption. Failures in the area of know-your-customer (KYC) could result in hefty financial penalties or – worse – irreparable damage to a company’s reputation
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