How a Know-Your-Customer Utility Could Increase Access to Financial Services in Emerging Markets

How a Know-Your-Customer Utility Could Increase Access to Financial Services in Emerging Markets

Global efforts to counter terrorism financing and money laundering have led banks to terminaterelationships with some communities, businesses, and individuals around the world. When a financialinstitution or intermediary cannot easily judge the...

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Bibliographic Details
Main Authors: Adl, Manuela, Haworth, William
Format: Brief
Language:English
Published: International Finance Corporation, Washington, DC 2019
Subjects:
EMERGING MARKET ECONOMIES
ACCESS TO FINANCE
FINANCIAL SERVICES
COMBATING THE FINANCING OF TERRORISM
ANTI-MONEY LAUNDERING
CFT-AML
FINANCIAL ACTION TASK FORCE
INFORMATION MANAGEMENT
FINANCIAL INCLUSION
DATA PRIVACY
TRANSACTION MONITORING
KNOW-YOUR-CUSTOMER UTILITY
DATA SHARING
Online Access:http://documents.worldbank.org/curated/en/133091547846776274/How-a-Know-Your-Customer-Utility-Could-Increase-Access-to-Financial-Services-in-Emerging-Markets
http://hdl.handle.net/10986/31197
Description
Summary:Global efforts to counter terrorism financing and money laundering have led banks to terminaterelationships with some communities, businesses, and individuals around the world. When a financialinstitution or intermediary cannot easily judge the identity and associated risks of a customer, it is often more efficient to avoid transacting with that customer altogether. This may disproportionately affect small banks, small firms, and low-income individuals in emerging and developing economies. This Compass Note explores an innovative solution that could help improve customer due diligence through a Know-Your-Customer (KYC) utility.

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