Kyc procedure manual

policies and procedures to combat money laundering and the financing of terrorism. The handbook provides general guidance on key anti-money laundering and combating the financing of terrorism (AML/CFT) requirements. Information contained in . Policy Manual on Know Your Customer (KYC) and Customer Due Diligence (CDD) 1. INTRODUCTION In the last few years, across the world regulation have been put in place to discourage money developing KYC and CDD policies procedures and implementing the same. Page 2 of 8 2. THE KYC CDD POLICY OUTLINE. Know Your Customer Policy (KYC) Policy with the following guidelines on KYC process and documentation: The Company shall follow customer identification procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority. The policy is.

Manual KYC costs are pretty high, automating know your customer procedures using identity verification solutions is a step in the right direction; Replacing manual ‘Know your customer’ with online KYC verification is time and cost-effective; Automation and digitization is reducing manual labor, consequently eliminating errors. A complete KYC procedure shall be documented clearly identifying the source of income and the source of funds. All the customer accounts shall be risk profiled (low, medium and high). A continuous due diligence of customers’ transactions shall be carried out to identify any suspicious transactions. NEW CLIENT IDENTIFICATION PROCEDURE The KYC procedure is to prevent companies from being used, intentionally or unintentionally, by criminal elements for money laundering activities. KYC procedures also enable companies to know/understand their customers and their financial dealings better which in turn help them manage their risks prudently.

KYC and Customer Due Diligence measures · Customer Policy · Customer Identification Procedures (data collection, identification, verification, politically exposed. The know your customer or know your client (KYC) guidelines in financial services require that professionals make an effort to verify the identity. follow the international standards and keep a detailed record of all KYC documents, meeting the requirements under the Anti-Money Laundering Law guidelines.