Legal Solutions | USA
The complex regulatory reforms inspired by the financial crisis in 2008 and ongoing headline-grabbing money laundering and corruption scandals have disrupted compliance operations for financial institutions, forcing them to adopt more rigorous Know Your Customer (KYC) rules.
A 2015 survey of 974 community banks, sponsored by the Federal Reserve System and the Conference of State Bank Supervisors, found that firms spent a combined $4.5 billion in 2014 solely on compliance costs. 48 percent of these costs were attributed to the hiring of outside consultants to help implement new compliance rules. These exorbitant expenses threaten to put smaller banks out of business.
While the administrative burdens and high costs of implementing KYC compliance programs can be overwhelming, especially for smaller firms, the obstacle has also created an opportunity for organizations to rise to the challenge and turn stricter KYC demands into a competitive advantage...
What you'll take away:
If KYC is to drive value for your organization, download this article to learn how to face the KYC Compliance challenges and turn them into a competitive advantage by: