FMSB publishes for consultation a transparency draft of a standard for client onboarding, and identifies current inefficiencies within the UK’s Reg.

The draft identifies current inefficiencies within the UK’s regulatory requirements and guidance for ‘Know Your Client’ (KYC) due diligence. The shortcomings highlighted include: The guidance rarely specifies precise data points to be populated or parameters for evidence which firms may accept to conduct satisfactory due diligence…