With increasing regulatory pressure to perform greater amounts of due diligence on counterparties, it becomes even more important for KYC, or Know-Your-Customer, professionals to understand and address the day-to-day challenges within the industry. Industry reports are a great way for consumers to educate themselves on such matters.
Industry reports offer an array of benefits for consumers. They provide valuable insight on how the rest of the market feels about the challenges and issues that they are facing by highlighting key patterns and differences. Additionally, there is a strong need in the market to collaborate and share information and learnings from one another. Industry reports serve as a vehicle for doing so.
Accuity is currently inviting KYC, correspondent banking, compliance, and due diligence professionals to take part in our 2016 KYC Due Diligence Survey. The survey aims to help us better understand the key issues that organizations across the world are facing, when it comes to their due diligence and on-boarding processes. With the results, we will create an industry report aiming to provide KYC professionals insights into the current landscape of the financial counterparty industry.
What do we know?
In 2014, Accuity conducted a similar survey, revealing that:
- 83% agree that they have saved significant time for the business through the use of a centralized source
- 71% have lowered overall counterparty costs by a significant amount
- 85% agree that high risk correspondents have to make it easier for banks to conduct due diligence on them
To take the 2016 KYC Due Diligence Survey, please click here.
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