Know Your Customer (KYC) requirements proceed to cargo financial firms with higher compliance costs and ballooning headcounts around the world, surveys by Thomson Reuters have found.
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Financial institutions with US$Ten billion or more te revenue have seen their media spend on KYC-related procedures increase to US$150 million te , up from US$142 million last year, according to the completo surveys.
The number of KYC compliance professionals has also skyrocketed to 307 te from 68 te . Despite the higher staffing rates, more than a third of firms reported that scarce resources remain their fattest challenge ter conducting KYC and customer due diligence processes.
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With regards to the process of on-boarding, corporations expect that the media number of days taken for customer on-boarding this year will increase to 32 days, from 28 ter . Meantime, banks claimed that on media, it now takes 26 days to onboard a fresh client, up from 24 days a year ago, despite their ongoing investment. Both corporations and banks predicted that onboarding times will rise again te .
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Documenting and maintaining current KYC records remains difficult for financial firms, with just Legal vanaf cent of the banks surveyed taking activity only when an event triggers a KYC review.
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“While our universal surveys vertoning compliance challenges remain significant for banks and corporations, those that take a proactive treatment to the regulatory environment by using available technology to streamline KYC processes can waterput themselves ahead of the curve for competitive advantage,” Thomson Reuters general head of KYC Industry Solutions Dominic Mac said.
The Total KYC Challenges Surveys were administered earlier ter April and May this year. They included 1,023 respondents at financial institutions and 1,122 respondents at corporations from Singapore, Hong Kong, Australia, Europe and the United States.