Know Your Climbing Costs: Big Firms Report Average $150M Spend on KYC
Costs associated with KYC continue to climb—a Thomson Reuters survey shows large financial institutions are spending $150 million on compliance in 2017.
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
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