All you need to know:
The know your customer or know your client (KYC) guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship
KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers are anti-bribery compliant, and are actually who they claim to be.
The objective of KYC guidelines is to prevent businesses from being used by criminal elements for money laundering. Related procedures also enable businesses to better understand their customers and their financial dealings. This helps them manage their risks in a well-judged manner. Today, KYC principles apply to banks as well as different online businesses. They usually frame their KYC policies incorporating the following four key elements:
- Customer acceptance policy;
- Customer identification procedures;
- Monitoring of transactions; and
- Risk Management
For more information please check online.
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