Description: How a Know-Your-Customer Utility Could Increase Access to Financial Services in Emerging Markets

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How a Know-Your-Customer Utility Could Increase Access to Financial Services in Emerging Markets

Global efforts to counter terrorism financing and money laundering have led banks to terminaterelationships with some communities, businesses, and individuals around the world. When a financialinstitution or intermediary cannot easily judge the...

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Bibliographic Details
Main Authors:	Adl, Manuela, Haworth, William
Language:	English
Published:	International Finance Corporation, Washington, DC 2019
Subjects:	EMERGING MARKET ECONOMIES ACCESS TO FINANCE FINANCIAL SERVICES COMBATING THE FINANCING OF TERRORISM ANTI-MONEY LAUNDERING CFT-AML FINANCIAL ACTION TASK FORCE INFORMATION MANAGEMENT FINANCIAL INCLUSION DATA PRIVACY TRANSACTION MONITORING KNOW-YOUR-CUSTOMER UTILITY DATA SHARING
Online Access:	http://documents.worldbank.org/curated/en/133091547846776274/How-a-Know-Your-Customer-Utility-Could-Increase-Access-to-Financial-Services-in-Emerging-Markets http://hdl.handle.net/10986/31197

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Summary:	Global efforts to counter terrorism financing and money laundering have led banks to terminaterelationships with some communities, businesses, and individuals around the world. When a financialinstitution or intermediary cannot easily judge the identity and associated risks of a customer, it is often more efficient to avoid transacting with that customer altogether. This may disproportionately affect small banks, small firms, and low-income individuals in emerging and developing economies. This Compass Note explores an innovative solution that could help improve customer due diligence through a Know-Your-Customer (KYC) utility.