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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: