The FinCEN Customer Due Diligence (CDD) Rule drastically changed the KYC practices. In response, large CIBs are still implementing significant transformations, while some aspects of the rules are continuously subject to various interpretations
How are banks tracking the various financial activities that their clients are executing via the products and services that they offer? Are they able to compare the
expected activities that their clients have indicated during the account opening process,
with the actual activities executed by their clients throughout the year? Are they able to
aggregate the total margins generated per client, across different business lines, and
compare it with the total onboarding costs for the same client?