Thomson Reuters 2016 Know Your Customer Surveys Reveal Escalating Costs And Complexity - Parallel Surveys Show Differing Perspectives Of Financial Institutions And Their Corporate Customers On The Effect Of Financial Firmsâ Spend Of Up To $500 Annually On KYC Globally

The lack of sufficient people resources and the volume of regulatory change are top concerns among nearly 800 financial institutions who responded to an authoritative Thomson Reuters survey on the impact of global changes in Know Your Customer (KYC) regulation, while a parallel survey of their corporate customers found that 89 percent had not had a good KYC experience, and 13 percent had changed their financial institution relationship as a result.