70% of financial cos not updating KYC : KPMG survey

Seven out of 10 Indian financial services firms do not regularly update the know-your-customer (KYC) details of their customers, says a KPMG survey on anti-money laundering. Regulations require data to be updated once in two years for every high- and medium-risk customer and once in five years for low-risk customers.
http://www.thehindubusinessline.com/markets/article2875828.ece

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