Complying with KYC programmes is going to get more and more arduous for corporates. Banks are just going to have be much more rigorous in their Anti-Money Laundering programmes, e.g. HSBC's New York office. KYC programmes are going to become a major pain and very costly to administer. Your staff are going to complain at how much of their private data is floating around the banks and FIs, and goodness knows who will look at it.

The KYC Exchange from IdenTrust aims to make this manageable, by:

1. providing a global database of the KYC requirements and laws by country and banks within each country.
2. offering an encrypted Vault, an interactive repository of personal and corporate identifying information, which is accessed using digital identities. Ensuring all documents that all documents are securely stored centrally and updated, e.g. a member of staff can add their new passport information with without access to other documents in the vault.
3. enabling corporates to take control of what sensitive ID information is released and exchanged with banks, other corporates and even designated individuals. The KYC Exchange enables to bundle information into packs of data and make only this data available to specific users in a bank (not the whole bank) and for a specified period.

IdenTrust already have corporate users of the KYC Exchange service who have cut their costs of managing this critical data and also have happier key employees.

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This kind of service is going to become essential, the number of AML programmes is only going to grow and grow, and become more rigorous.