Acquire customer's name, business or legal entity name.
Establish residence or proof of address.
Date of birth for individuals.
Identify their 14 digit KYC identification number.
Everyone love's new customers, right? But when it comes to managing compliance requirements, it is essential to be vigilant. When a new customer requests information in opening a new account with your institution, there are many steps to perform to stay compliant.
This is when the Anti-Money Laundering (AML) Know Your Customer (KYC) process begins. Performing a KYC check to verify your customer's identity should be your first step. In this phase, you collect and verify the new customer’s information, while banks and financial organizations review for FACTA Red Flag Rules.
The next phase is the customer due diligence (CDD) phase. This phase requires assessing the customer to determine if the person or company should be given a low, medium, or high-risk AML rating. If the application poses as a high risk, the customer is not approved. If the application is a low risk, they are approved.
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Imagine if you could perform these compliance checks on one platform.
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