Some of Canada's biggest banks are joining forces with market and infrastructure services provider CanDeal to set up a centralised KYC offering for the capital markets industry.
The Bank of Montreal, Scotiabank, The Canadian Imperial Bank of Commerce, The National Bank of Canada and The Royal Bank of Canada are backing the offering, with the tech infrastructure set to be ready by the end of the year. TD Bank is not involved.
The partners say 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.
"Collectively we see this initiative as an opportunity to raise the standard for KYC compliance,” says Loretta Marcoccia, EVP COO, global banking and markets, Scotiabank. “A strong compliance program not only meets regulatory expectations, it also ensures that we protect our clients and our business.”