25 June 2003
The financial services industry is getting only part of the risk management and anti-money laundering point. And modern business models in banking and insurance militate against effective know-your- customer procedures says Nigel Morris-Cotterill .
World-wide, regulators are including in the requirements they place on affected businesses demands that they build a profile of their customers.
This “know your customer” approach is vital in the attempts to detect and deter money laundering and terrorist financing.