4  BIS central bankers’ speeches  (b)  Access  Relaxed KYC norms   Know Your Customer (KYC) requirements have been simplified to such an extent that small accounts can be opened with self certification in the presence of bank officials.
Moreover, lower capital requirements reduce banks’ resilience – and ultimately their ability to finance the ecological transformation. The answers to the questions about how to deal with new technologies and new risks cannot be provided by supervisors alone. We act on behalf of society – and politicians consequently stake out the framework in which we operate.