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UniCredit’s Michele Gentile argues for a collaborative response to KYC and KYT in GTFI

UniCredit LogoKnow Your Customer (KYC) and Know Your Transaction (KYT) requirements are subjecting banks and their corporate clients to increasing pressure, writes Michele Gentile, head of FI clearing sales at UniCredit, in Global Treasury & Finance Insights. The regulations require banks to carry out detailed research into each of their counterparties – a demand which weighs heavily as corporates look to take advantage of market opportunities and expand into new regions. This combination of pressing regulatory demands and corporate expansion threatens to saddle banks with a formidable workload – bringing a raft of unfamiliar counterparties, and a mandate to research every one of them.

Yet collaboration between banks offers a number of avenues for reducing this burden. In particular, banks can limit their exposure to unfamiliar counterparties by enlisting the services of a clearing partner. The benefits of this solution go beyond minimised compliance – freeing banks to spend more time serving their clients, and supplying them with valuable services to support corporate ventures into new markets.

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