Concept & Defination.
Know Your Custumer (KYC)
"know Your Custumer (KYC)" is a process of identifying the customer, verifying their identity, monitoring their transactions and reviewing their profiles based on risk based approach and adopting necessary measures to protect the Bank from being the vehicle of money laundering. It is the documented norms for the Bank which enables it to acquire the information pertaining to its customers/clients and the legitimacy of its business/transactions so as to prevent potential risks. It requires due diligence that the Bank must implement to identify its clients and obtain relevant information as detailed as possible pertaining to the dealings or doing business or financial transactions with them. It is the measures implemented to validate the legitimacy of the customers' transactions and their information. In this regard, it is absolutely imperative to know clearly the customer identity, source of fund/assets and nature of transaction. Proper documentation for the KYC should be a pre condition.
Thank you For Consideration please don't share with your friends
Know Your Custumer (KYC)
"know Your Custumer (KYC)" is a process of identifying the customer, verifying their identity, monitoring their transactions and reviewing their profiles based on risk based approach and adopting necessary measures to protect the Bank from being the vehicle of money laundering. It is the documented norms for the Bank which enables it to acquire the information pertaining to its customers/clients and the legitimacy of its business/transactions so as to prevent potential risks. It requires due diligence that the Bank must implement to identify its clients and obtain relevant information as detailed as possible pertaining to the dealings or doing business or financial transactions with them. It is the measures implemented to validate the legitimacy of the customers' transactions and their information. In this regard, it is absolutely imperative to know clearly the customer identity, source of fund/assets and nature of transaction. Proper documentation for the KYC should be a pre condition.
Thank you For Consideration please don't share with your friends
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