Suggestions on how to minimise the administration burden of banks’ and other institution’s Know Your Customer programmes by:

• accepting and understanding that the regulatory burden of KYC programmes will keep on growing and turn it into an opportunity, see: How treasury can turn regulatory burden - now 103 changes/day - into an opportunity | C&TM File
• making sure you take advantage of the banks’ KYC programme at SWIFT to enable you to sign up with new banks faster and easier, see:  1,125 banks sign up for KYC Registry 10 months after launch | C&TM File, and SWIFT MyStandards technology helps speed up SWIFT and ISO 20022 on-boarding | C&TM File
• using third party services to manage your data and give those who need it access, and avoid having to dealing with each banks/supplier separately, see:
  • Know Your Customer (KYC) management in the day-to-day operations of a corporate treasury department | C&TM File, For centralised corporate KYC: only Thomson Reuters Org ID Managed Service suits | C&TM File
  • Clarient Entity Hub: solution for client data, onboarding & lifecycle management | C&TM File
  • Usage of Managed Know Your Customer Services grows | C&TM File
• aiming to provide your documents  just once to a central repository, see: Gripe Session: At Sibos, Lenovo Treasurer Doesn’t Mince Words
• avoiding sending inappropriate payments to blacklisted countries, companies and individuals by using sanction filtering services, e.g. Pelican Sanctions filtering service opens door to stress free life for corporate treasury | C&TM File
• minimising the number of bank accounts needed by using virtual accounts wherever possible, see: Virtual a/cs: Santander live with Cashfac’s cash management & client money solutions | C&TM File