The rigorous KYC procedures at US banks
the New Jersey-based crime ring created more than 7,000 fake identities to get tens of thousands of credit cards
: "An adviser to a new charitable incorporated organisation that spent more than a year trying to open a bank account has blasted Barclays for its onerous demands and disproportionate due diligence."
In a recent survey for VocaLink, some two-thirds of respondents said that they saw value in the establishment of a central KYC utility. They are wrong. We don’t need a central KYC utility, we need a federated reputation infrastructure. Or, to put it another way, a financial services passport (as I mentioned earlier in the year).