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Cash management: The game changers in paymentsJuly 2 2018

KYC – why not come together?

With the cost of know-your-customer compliance increasing, sharing client information to a standard everyone trusts makes absolute sense. Katja Zschieschang, Deutsche Bank’s resident KYC expert, looks at the benefits of a collaborative approach to data collection to help reduce the costs of compliance.

by Katja Zschieschang

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An accelerated development of global standards for the sharing of customer information is providing a welcome addition for what has long been a burden for correspondent banks. In February 2018, the Wolfsberg Group of 13 banks announced that it had revised its Due Diligence Questionnaire (DDQ), a de facto standard for correspondent know your customer (KYC) due diligence information.

Global regulators, including the Financial Action Task Force, the Financial Stability Board Committee on Payments and Market Infrastructures (CPMI) and the Basel Committee on Banking Supervision, have already given this a nod in a joint press release on March 8 endorsing the updated DDQ.

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