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Average time of completing a Know Your Customer (KYC) review for a medium-risk client in banking in the United States in 2024

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Source

Release date

November 2024

Region

United States

Survey time period

2024

Supplementary notes

The source conducted a survey involving C-suite executives from global banks located in the United Kingdom, the United States, and Singapore. The survey specifically focused on corporate and investment banks (C&IB) with assets under management (AUM) exceeding 100 billion U.S. dollars, as well as commercial banks with AUM greater than 50 billion U.S. dollars.

Out of 226 respondents from corporate and institutional banking and 227 from commercial banks globally, it is unclear how many were based in the United States.

Citation formats

Average KYC review time for medium-risk clients in banking in the U.S. 2024

Published by K. Scholle, Jun 3, 2025

In 2024, the average time taken by banks in the United States to complete Know Your Customer (KYC) reviews for medium-risk clients varied significantly. The most commonly reported timeframe was ** to ** days, cited by ** percent of institutions, followed by ** to *** days, reported by ** percent. At the extremes, ** percent of banks completed reviews within one to ** days - the shortest timeframe - while one percent reported taking as long as *** to *** days, the longest duration observed.

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