Know Your Customer - Details Involved in KYC Control

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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