Latin American banks face tough challenges in 2008
NEWS
Banks are already feeling pressure on their know-your-customer (KYC) systems, but are reluctant to spend money on improvements, especially after the recent downturn in global credit markets. Latin American banks are heavily exposed to the US economy.
Anti-money laundering rules have already made the costs of regulatory compliance soar. Money transfer operators and financial institutions often have to devote as much as 65% of their time and personnel to compliance. As the US crisis has deepened
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