A centralized approach to manage KYC
It is mandatory for financial institutions to investigate whether cash is being used for money laundering, financing terrorists and criminal activity. Criminals exploit any situation to pursue their damaging activities and the recent increase of cybercrime shows that the COVID-19 situation is no exception. The purpose of KYC (Know Your Customer) is to protect the global financial system from being used for fraudulent activities. Banks play a key role in identifying suspicious transactions. To determine whether a transaction is suspicious, banks need to know their clients and their possible changed activities. The flip side, however, is that the KYC burden on corporates has already increased since the previous (financial) crisis. Will the KYC burden further increase or are there ways to release the burden?
and its bigger, younger brother
The turbulent past of the Franc Zone’s members and the economic differences between them have not succeeded in breaking up the Franc Zone, a group of 14 central and west African countries using the two CFA franc currencies linked to the euro. In fact, the monetary union has survived for more than 65 years despite a lack of economic tools and know-how.