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From the magazine SZW-RSDA 2/2016 | S. 123-136 The following page is 123

Know Your Customer : Quo Vadis ?

Know your client (KYC) is now an essential due diligence requirement for all banking business. The concept only appeared relatively recently in legislation, however, in conjunction with increased efforts to combat organised crime and money laundering. For around 40 years, the scope and content of know your client has continued to expand, sometimes in stark contrast to other standards.

This article examines how the requirement has evolved, from combating money laundering to verifying clients’ fiscal conformity. As new regulatory requirements have been introduced, the role of financial intermediaries has been revolutionised. Banks now collect a vast quantity of information about their clients, which extends beyond the contractual relationship. These databases are of great interest to public authorities, not least because they expect to be granted free access – access that will soon be automated and provided via electronic means.

Our aim is to inform the reader about the concerns and…

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