KYC Know Your Customer
KYC KNOW CUSTOMER your The Customer What is KYC? Identification Program set out a series of rules and In order to prevent identity theft, the government stepped in to make sure that regulations requiring financial institutions to thoroughly and properly identify, verify, and authenticate new customers companies were verifyingusers throughout the customer relationship. opening accounts, in order to better keep tabs on the money flowing in and out of America's banks and financial institutions. the Financial Industry Regulatory Authority What is FINRA? An independent self-regulatory organization that helps to oversee the securities industry in the US. FINRA knows your customer rules and they are an excellent source of information when it comes to compliance. Is KYC needed for everything? Why is KYC so important? There are lots of typical customer activities that you don't have to worry about. These are low risk, normal banking activities and do not raise any red flags. In order to effectively identify potential anti-money laundering (AML) risks from a bank Counterparty, a financial institution must research a wide However, a KYC due diligence system should watch accounts with frequent or excessive use of funds transfers, involving either transfers into the account, out of the account, or both. range of information, including politically exposed persons (PEP) and sanctions data, financials, Ownership information, key AML documents, branch locations and more. lo help standardize data collection, you can ask a series of questions based on the V3 Challenge: Effective The Variety of data that requires analysis, KYC The Velocity at which this data must be analyzed and its rate of change; and Diligence The Vaguenes5 of the data which requires analysis -- often conflicting, unclear and biased. SOURCES IDOLOGY Ne. http://www.idology.com/resources/know-your-customer-kyc-rules/ http://wwwidology.com/resources/know-your-customer-kyc-rules/ http://www.bankersonline.com/articles/v05n13/VO5n13a2html http://www.banktechcom/regulation-compliance/rewriting-the-kyc-playbook/240146610 http://www.banktech.com/regulation-compliance/rewriting-the-kyc playbook/240146610 http://www.pwc.com/en_GX/gx/financial-services/publications/assets/pwc-anti-money laundering-know-your-customer-quick-reference-guidepdf INC.
KYC Know Your Customer
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