Know-your-customer project hits speed bump

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

Published Fri, Oct 12, 2018 · 09:50 PM

    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' details in a more seamless way.