AML KYC data collection brings benefits as well as challenges

moneymousetrap

As banks and financial institutions collapsed one after another in the disastrous second half of 2008, their peers – and their regulators – realised they had one thing in common: none of them had a truly clear picture of their exposure to a defaulting counterparty. Over the past two years, industry efforts towards a system of common legal entity identifiers (LEIs) for derivatives counterparties have begun to bear fruit, driven by new regulatory requirements for trade data reporting and

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