Introduction
In the modern banking landscape, Know Your Customer (KYC) has become an essential aspect of risk management and regulatory compliance. KYC refers to the process of banks and other financial institutions verifying the identities of their customers and assessing their financial risk profiles. By understanding the importance of KYC, banks can effectively mitigate financial crime, protect their customers, and maintain the integrity of the financial system.
Tables
Key Terms | Definition |
---|---|
KYC (Know Your Customer) | The process of verifying customer identities and assessing financial risk profiles |
Customer Due Diligence (CDD) | The procedures and measures taken to identify and verify customers |
Enhanced Due Diligence (EDD) | Additional measures for higher-risk customers, such as politically exposed persons (PEPs) |
Ultimate Beneficial Owner (UBO) | The individual(s) who ultimately own or control a company |
Success Stories
Basic Concepts
Pros and Cons
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FAQs
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