RBS executive calls for AML and KYC collaboration

Diversity

John Owen, RBS's chief executive for international banking, told a conference in London yesterday there needs to be collaboration in the financial industry over anti-money laundering (AML) and know your customer (KYC) legislation.

"The industry is being incredibly pig-headed in its approach to AML and KYC," said Owen, speaking at the Swift Business Forum 2013. "We're essentially transacting with the same entities around the world and yet we are all building [databases] at very great costs."

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