Friday, 26 August 2016

Barclays slated after CIO takes a year to open a bank account

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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

From Woman Gets 3 Years for Role in $200M Credit Card Fraud Scam - ABC News

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Barclays slated after CIO takes a year to open a bank account

: "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."

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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).

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