Banks say take-up of KYC utilities needs to improve

"Critical mass" needed before risk management benefits can be realised, firms say

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KYC utilities can help with basic checks, say practitioners

Banks have high hopes for a crop of third-party services meant to reduce the cost and administrative burden associated with stringent know-your-customer (KYC) rules. But greater participation among a broader range of financial institutions is needed before many of the intended benefits are felt, they say.

“We’re getting documents from the big banks, but not as many from the smaller ones,” says David Scola, global head of banks in the financial institutions group at Barclays in New York. “If I’m

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