know ?
What you should know ?
- true identify and beneficial ownership of the accounts
- permanent address, registered and administrative address
Your ?
Who should know ?
- branch manager , audit officer, monitoring official
customer ? who is ?
- One who maintains an account, establishes business relationship on who is behalf account is maintained beneficiary of accounts maintained by intermediate and one who carries potential risk through transaction
- making reasonable efforts to determine the true identify and beneficial ownership of accounts
- source of fund
- nature of customer`s business
- what constitution reasonable account activity ?
- Who your customer`s customer are ?
Kyc is the due diligence and bank regulation that financial institution and other regulated companies must perform to identify their client and ascertain relevant information pertaining to
doing financial business with thems.
Kyc dose not mean
- denial of service to the common person
- Intrusive behavior
- Use of information
- harassment of customers threatening to close down the accounts arbitarily
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