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

• Taking advantage of Swift’s KYC data platform or Encompass’s approach or even look at the new KYC suppliers such as NewBanking IDENTITY, see:  https://ctmfile.com/story/kyc-watch-newbanking-identitys-revolutionary-approach
• Being aware of the potential risks from KYC programmes, see: https://ctmfile.com/story/industry-roundup-8-september
• Centralising the KYC process across all your banks by a single database, see: https://ctmfile.com/story/searching-for-standardisation-in-kyc
• SMEs looking at MasterCard’s Trade Solution Octet Europe, see: https://ctmfile.com/story/industry-roundup-6-august
• Using Financial Operations Networks’s Vendor Onboarding Checklist, see: https://invoiceinfo.com/2019/05/new-vendor-onboarding-checklist/
• Using NICE Actimize KYC Xpress, see: https://info.nice.com/KYC-Xpress.html
• Using third-party services to manage your data and give those who need it access, and avoid having to dealing with each bank/supplier separately, see;
  • https://knowyourcustomer.com/
  • https://www.swift.com/our-solutions/compliance-and-shared-services/financial-crime-compliance/kyc-registry
  • https://www.encompasscorporation.com/
• 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