The surveys of two pools of roughly 1,100 financial institutions and their customers not only show increased KYC-related costs, but investments in time and manpower are on the rise, as well.
In 2016, firms deployed an average of 68 employees to handle KYC procedures, a number that rocketed to an average of 307 in 2017. Still, financial institutions report that resources are scarce, with more than a third stating lack of resources are their biggest KYC-related challenge.
Also in 2016, firms p
Anthony and James spoke with some sources about the big acquisition of Charles River by State Street, and right now, there are more questions than answers.Subscribe to Weekly Wrap emails