Know Your Customer is the process of verifying the identity of the customer. The objective of KYC guidelines is to prevent banks from being used, by criminal elements for money laundering activities. It also enables banks to understand its customers and their financial dealings to serve them better and manage their risks prudently.
– Client on-boarding.
– User Registration.
– Processing of high-profile transactions.
– Re-verification of existing users.
– Ensure regulatory compliance.
– Replacement of outdated authentication mechanisms.
– Customer Acceptance Policy.
– Customer Identification Procedures.
– Monitoring of Transactions.
– Risk management.