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Know-your-customer project hits speed bump

The shared utility by MAS, designed to smoothen verification process, faces cost issues

"The problem is not the technology, it's the cost. We've got to find another way of designing the architecture to reduce the cost." - MAS managing director Ravi Menon on challenges of the KYC utility.


THE Monetary Authority of Singapore (MAS) has hit a snag with its proposed centralised know-your-customer (KYC) utility that it had hoped to launch this year.

The shared KYC utility was meant to allow financial institutions to identify and verify potential customers'...

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