Continuing our look at KYC and its impact on the treasury function, we look at the main challenges it creates and how treasurers can overcome them.
For corporate treasury teams, Know Your Customer (KYC) is an increasingly time-consuming burden. Regulation is getting tighter, banks seem to be (in many cases, anyway) becoming more demanding and the information more difficult to obtain. As a result, in the worst cases, new bank accounts can take months to set up.