AX 2012 - Unable to write the generated WCF configuration to local storage

I noticed the following entry logged in Event Log, Application on 3 EP/ES servers:

Unable to write the generated WCF configuration to local storage. The generated WCF configuration will be used from memory. The contents of the new configuration are written to the following temp file: C:\Users\i<BC Account> \AppData\Local\Temp\Microsoft.Dynamics.AX.Framework.Services.Client.Configuration.ClientConfigurationInternal.log.

Exception details:
System.ComponentModel.Win32Exception (0x80004005): Access is denied
   at Microsoft.Dynamics.AX.Framework.Client.ConfigurationModel.NativeRegistry.OpenNativeRegistryKey(String keyPath, Boolean writable)
   at Microsoft.Dynamics.AX.Framework.Client.ConfigurationModel.MachineWideRegistryConfigurationModel.GetConfigurationKey(Boolean writable)
   at Microsoft.Dynamics.AX.Framework.Client.ConfigurationModel.RegistryConfigurationModel.WriteWcfConfiguration(String configuration, Guid versionId)
   at Microsoft.Dynamics.AX.Framework.Services.Client.Configuration.ClientConfigurationInternal.GetClientConfiguration()

All servers configured to use local configurations stored in the registry.

Possible solution:

1. Grant the AD Account used as the Business Connector Proxy Account, Full Control to the current configuration in the registry (remember HKEY_LOCAL_MACHINE - not HKEY_CURRENT_USER)
2. Use the approach described in Install multiple Enterprise Portals on the same server [AX 2012] (TechNet) to use persistent (AXC-files) configuration files instead of local configurations stored in the registry

As a side note, this is another example of undocumented requirements, and in my mind something the installer should configure during installation or at least describe as a manual configuration item.

Apparently the Business Connector binary (assembly) has built in functionality to automatically refresh the WCF configuration part of the AX configuration requiring additional configuration steps to be performed.

Update:

This could also be caused by Group Policy (domain) settings applied after the AX Components were installed.