Do You Really Know Your Clients? Introducing KYC

Original article is available at Do You Really Know Your Clients? Introducing KYC – The Association of Governance, Risk and Compliance (AGRC)

What is KYC?

When you last opened an account at the bank, you will probably have been asked who you are – your identity – and also questioned about the origin of the funds that you proposed to deposit in the account. This is all about the concept of know your customer (KYC) and is the point at which many of us will have already interacted with KYC, perhaps without knowing anything about it. Know your customer/client is essentially concerned with verifying the identity of customers before and during any business undertaken with them and aims to prevent illegal activities such as money laundering or fraud. This protects both the company and the client and is an important part of the wider anti-money laundering regulations that are being enacted worldwide.

Read the full story by

Tags:

RELATED READS
LEARNER PERSONA DEEP DIVE; THE WHAT, THE WHY AND THE HOW Formazione con Moodle. Tutti i vantaggi di Teleskill Live
We are updating our Privacy Policy, so please make sure you take a minute to review it. As of May 25, 2018 your continued use of our services will be subject to this new Privacy Policy.
Review Privacy Policy OK