KYC rules force banks into costly off-boarding exercise
Shedding unprofitable clients drains operational and IT resources
Banks are facing the troublesome task of sorting through thousands of clients' data as they bid to mitigate rising know-your-customer (KYC) costs by axing large numbers of unprofitable relationships. In the long term, they aim to cut compliance costs, by shedding accounts which do not produce enough revenue to justify the growing bill for due diligence. But the short-term outlook is one of growing strain on personnel and IT resources – and a drop in revenues as the customers leave.
Client off
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