Technology holds the key to easing KYC, says FCA director

UK regulator promotes the use of financial technology to smooth compliance wrinkles

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A senior official from the UK Financial Conduct Authority (FCA), speaking at a conference in London on July 20, has encouraged banks to work with technology vendors to help streamline checks on new customers.

Banks have long complained about the time and resources required to undertake onerous know-your-customer (KYC) and anti-money laundering (AML) screening. Some firms have even pointed to a loss of revenue from clients who have been pushed away by overly conservative due diligence measures.

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