Transparency International calls for tougher enforcement of KYC rules

Transparency International has urged finance ministers attending this month's International Monetary Fund (IMF) meeting in Washington to rigorously enforce know your customer (KYC) rules at financial services firms.

In a letter sent to finance ministers and central bank governors attending the April 20 meeting, the global anti-corruption body said that regulators and supervisory authorities should take all necessary action to ensure firms are not complicit in the laundering of the proceeds of corruption, tax evasion and organised crime. The letter, penned by TI chair Huguette Labelle, welcomed recent moves by Paris-based standard setter the Financial Action Task Force (FATF) to revise its 40 recommendations. TI said it looked forward to their speedy implementation at the national level.