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KYC Standards and Requirements

We live in a global economy. With increased focus on financial transactions, and with heightened vigilance, financial and non financial institutions around the world are bound by international requirements and protocols that require them to gather a minimum amount of acceptable data from their potential, or current clients.
Institutions with frequent cash or bank transactions are very vulnerable to illicit criminal activities. KYC standards are set in place in order to create uniformity in the way client data is captured. This allows all stakeholders involved to be better able to protect firms against financial fraud, corruption, money laundering, and terrorist financing. KYC involves several steps to:

  • establish customer identity;
  • understand the nature of customers’ activities and qualify that the source of funds is legitimate; and
  • assess money laundering risks associated with customers.

Keep checking back for critical updates to KYC regulations. Regulations will be posted region wise, in order to better assist clients