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Regulator calls for banks to centralise KYC data

Payments Strategy Forum calls for shared access to a central database to help banks avoid risk and compliance failings

Regulator calls for banks to centralise KYC data
Photo: iStockPhoto

Banks operating in the wholesale financial markets should have shared access to a central database of client information, to help them avoid risk and compliance failings that could let criminals in by the back door.

The UK's Payments Strategy Forum - set up in 2015 by watchdog the Payment Systems Regulator - made the recommendation in a November 29 report entitled A Payments Strategy for the 21st Century.

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