Money laundering checks may need more KYC info - FSA

Professional Adviser
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IFAs may need to gather or store additional 'Know Your Customer' information about consumers in orde...

IFAs may need to gather or store additional 'Know Your Customer' information about consumers in order to sufficiently validate the identity of their clients for anti-money laundering purposes, suggests the FSA in its latest discussion paper. More data and checks about the client's personal and financial background could be required from existing company files as additional confirmation of a person's identity - such as KYC data - if firms already have access to it, suggests the FSA. While many companies often require at least basic KYC information to complete the advice process and...

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