Details Involved in KYC Control
KYC controls typically include below details:
- Collection and analysis of basic identity information (CIP)
- Name matching against lists of known parties (such as politically exposed person)
- Determination of the customer's risk in terms of propensity to commit money laundering or identity theft
- Creation of an expectation of a customer's transactional behaviour
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers.
Read more about this topic: Know Your Customer
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