> Passport or ID card scans would never be be stored alongside general KYB information
How do you qualify this statement? Did you mean “should never”? Even then, you’re likely overstating things. Nothing prevents co-locating KYC/KYB information. On the contrary, most businesses conducting KYB are required to conduct UBO and they’re trained to combine them both. Register as a director/officer with any FSI in North America and you’ll see.
Fair point! Yeah, it could be. Although Europe tends to be stricter about those things, i.e. where PII is stored. I was trained way back in like 2018 about ensuring I never have any PII stored on my PC and around the requirements of the GDPR in terms of access to information and right to delete etc.
Yeah, even in Europe this is an excessively optimistic take.
Couple of years ago I accidentally stumbled upon an open folder a fairly big Scandinavian bank was using to store tens of thousands of passport/id scans
How do you qualify this statement? Did you mean “should never”? Even then, you’re likely overstating things. Nothing prevents co-locating KYC/KYB information. On the contrary, most businesses conducting KYB are required to conduct UBO and they’re trained to combine them both. Register as a director/officer with any FSI in North America and you’ll see.