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Real world KYC challenges — a focus on South Africa

Through an independent third party,  we conducted two surveys relating to KYC, client onboarding and client due diligence. The first targeted financial institutions (FIs) globally and 772 individuals responded, of which 101 respondents were based in South Africa. The second survey focused on corporates. For this survey, 822 individuals responded, with 116 based in South Africa.

The FIs comprised of investment, retail and global banks; hedge funds; asset managers; insurance companies and other financial market participants. In terms of corporates surveyed, a wide range of industries were consulted, including business and professional services; manufacturing; retail and consumer; technology, media and telecoms; healthcare and life sciences.