RULE: Know Your [Financial Services] Customer

By Staff Reporters

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Know Your Customer (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank’s anti-money laundering (AML) policy.

MORE: https://www.businessinsider.com/personal-finance/know-your-customer

KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be. Banks, insurers, export creditors, and other financial institutions are increasingly demanding that customers provide detailed due diligence information.

RELATED: https://www.swift.com/news-events/news/how-bnp-paribas-and-basf-are-streamlining-their-kyc-information-collection-process

Initially, these regulations were imposed only on the financial institutions but now the non-financial industry, fintech, virtual assets dealers, and even non-profit organizations are liable to oblige.

CITE: https://www.r2library.com/Resource/Title/082610254

MORE: https://medicalexecutivepost.com/2022/12/18/ftx-scandal-who-is-john-j-ray-iii/

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283


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