Complying with the know your customer (KYC) aspect of bank account opening and management has long been a burden for corporate treasurers. For Pepper Group, early access to SWIFT’s KYC Registry has helped bring a number of efficiencies to this process.
Although treasurers are preoccupied with the effects of the Covid-19 pandemic, everyday challenges still have to be met. With the average global treasury team reportedly spending more than one day each week dealing with know your customer (KYC) requirements, compliance remains a significant pain point for treasurers worldwide.
Remote working, and greater reliance on technology, is leading to a rapid increase in cyber-attacks and fraud attempts. Royston Da Costa (Ferguson) and Michael Juen (BELLIN, a Coupa company) explain how treasurers can build greater resilience against these threats – and weigh up the costs of investing in cybersecurity against the risks of taking no action.