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KYC - Coggle Diagram
KYC
eKYC
speed
accuracy
adaptability
integration
tracking & reporting
customer experience
KYC is against:
identity theft
fraud
money laundering
PATRIOT act. 3 Title KYC requirements:
CDD = customer due diligence
CIP = customer identification program
KYC vs. AML
AML = framework of legislation + regulation for financial services companies
KYC = key part of AML framework + to verify customer identity.
Who needs to apply for KYC?
any FinServ company that deals with customers while opening and maintaining financial accounts.
Banks
credit unions
wealth managers
fintech
lenders
KYC Reverification
triggered:
unusual transaction activity
new info or changes for customer
changes in occupation & industry
changes in the nature of business
new parties for an account
establish customer identity
understand customer activity & source of funds are legitimate
assess financial risk
is a requirement under AML + CTF law and regulations to make sure customer are who they say they are.