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Know-your-customer project hits speed bump

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

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"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.

Singapore

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'

sentifi.com

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