University of Twente Student Theses
A Qualitative Study on the Improvement of the Know-Your-Client Procedure Using a Centralized Database.
Derksen, M.P.J. (2024) A Qualitative Study on the Improvement of the Know-Your-Client Procedure Using a Centralized Database.
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| Abstract: | Introduction: Know-your-client, or KYC, is a mandatory customer check for all financial institutions in the Netherlands. This check is focused verifying the identity and information of the customer, to reduce risk of money laundering, fraud, and financing of terrorism. The current KYC procedure used by all financial institutions (FI’s) is deemed sub-optimal in several news articles, research papers and employees of the FI’s, seeing the need for improvement. This study investigates the reasoning behind the use of the current KYC structure and proposes a shift towards a centrally stored database structure. The research question for this study is as follows: What are the potential advantages and disadvantages associated with adopting a centrally stored database for KYC data in the Netherlands? Results: Four research questions were set up to understand the economic, quality, legal, and security up- and downsides of the proposed (centrally stored) system. Results show, that while a centrally stored database presents notable advantages in terms of efficiency gains and streamlined processes, addressing challenges related to legislation, trust, costs, and security is imperative for successful implementation. |
| Item Type: | Essay (Master) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 85 business administration, organizational science |
| Programme: | Business Administration MSc (60644) |
| Link to this item: | https://purl.utwente.nl/essays/98567 |
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