FBE slams Basel KYC paper

Brussels

-- The European Banking Federation has sharply criticised the Basel Committee on Banking Supervision’s consultation paper, Consolidated know-your-customer (KYC) risk management, published in August. The paper was a supplement to Customer due diligence for banks, issued in October 2001, which examined "the critical elements for effective management of KYC policies and procedures in banks’ foreign branches and subsidiaries".

The FBE wrote in its response to the proposed guidance that

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