Canadian banks team to establish centralised KYC offering

Five Canadian banks are joining forces with CanDeal, a market and infrastructure services provider, to set up a centralised KYC offering for the capital markets industry.

According to Finextra, the Bank of Montreal, Scotiabank, the National Bank of Canada, the Canadian Imperial Bank of Commerce and the Royal Bank of Canada are backing the offering, which the tech infrastructure anticipated to be ready by the end of 2022.

The partners have said the deal will create a ‘common data and regulatory experience’ for the industry, building widespread trust in the data for use in risk assessments, as well as streamlining KYC compliance for clients.

Scotiabank EVP COO, global banking and markets Loretta Marcoccia said, “Collectively we see this initiative as an opportunity to raise the standard for KYC compliance. A strong compliance program not only meets regulatory expectations, it also ensures that we protect our clients and our business.”

LoopingOne, a KYC and payments platform for marketplaces and platforms, recently closed a €800k seed round backed by international trade FinTech Ebury.

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