Banks struggle to meet know-your-customer requirements
Regional KYC requirements adding to global regulatory burden
Not knowing who you are doing business with can be costly if you happen to be a bank. BNP Paribas is facing $9 billion worth of reasons to know your customer (KYC) as US authorities close in on alleged sanction-busting with clients in Sudan between 2002 and 2009, and other European banks are looking nervously over their shoulders, according to one Hong Kong-based executive.
BNP Paribas is the latest in a long list of institutions to have fallen foul of US sanctions rules. At the end of 2012
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