The current trend depicts that new entrants, only allowed by way of strategic partnership in existing banks and/or new Islamic banks, are coming in with higher capital. More so, consolidation of financial institutions is well underway and is likely to lead to the emergence of fewer but stronger institutions to meet the challenges of the increasingly complicated financial environment of the future.
It constituted a Working Group on Cross-border Banking to examine the then KYC procedures and to draw up standards applicable to banks in all countries. It issued a consultative document, called the Customer Due Diligence for banks (CDD) in January 2001.