The Basel Committee on Banking Supervision has underlined the need to manage Know Your Customer risks on a global scale. The Committee issued a paper on 6th October to provide guidance for banks on this topic – ‘Consolidated KYC risk management’. The paper addresses the need for banks to be able to share information with their head offices and it urges jurisdictions in which legal impediments remain to remove them. The Committee wants banks to adopt a global approach and apply the elements necessary for a sound KYC programme to both the parent bank or head office and all its branches and subsidiaries. These elements consist of risk management, customer acceptance and identification policies, and ongoing monitoring of higher-risk accounts.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.