Banks struggle to meet know-your-customer requirements
Banks used to see a competitive advantage in identifying customers, but it has now become a regulatory headache, with multibillion dollar fines being levied on those firms not up to speed
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
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