KYC Data Utility Execs: ‘Convince Compliance’
Bank execs say concerns from their compliance departments are hampering their ability to leverage utilities.
Concerns about data privacy and security are one impediment to the wider adoption of utilities, which providers such as Swift claim can provide cost savings and efficiency for banks. “The first step before we go out and ask our clients in good faith to use this, is making sure we have our own documentation online. To do that, we have to deal with our own internal compliance teams,” said David Scola, global head of coverage at Barclays. “This has become a common theme I’m hearing from a lot of
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