Know Your Customers? Or Protect Their Privacy?
KYC/AML requirements conflict with other regulations aimed at limiting how much data firms mine for fulfilling those disclosure rules. Joanna Wright reports
It can be disconcerting to think about the kind of information that companies might have about you—your identity, address or passport number, for instance—and what this information could be used for if it happened to fall into the wrong hands.
But financial services firms in the capital markets collect, store and process this data for good reason. They need to do business with individuals, whether in the individuals' own right or as representatives or owners of other legal entities.
Regulators
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