KYC: Know Your Choices - WatersTechnology.com

Timothy Bourgaize Murray
23 Oct 2014

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Nine billion dollars; $1.92 billion; $667 million—milestone penalties handed down to BNP Paribas, HSBC, and Standard Chartered in recent years, levied for not knowing enough about their customers’ activities in Sudan and Mexico. These are far from the only examples, and as a result, banks and their counterparties have begun to reconsider the sticky business of know-your-customer (KYC) requirements, hoping hefty nine- and 10-figure penalties for those found operating—willingly or not—without

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