Create the Foundation of Trust
As the bank, you have a duty to know with whom you are working. The principle of Know Your Customer (KYC) is the foundation for meeting due-diligence duties – it requires obtaining background information on customers and documenting it in a KYC profile. Only those institutions that have thorough, relevant, and up-to-date information about their customers will be in a position to legitimately identify whether or not a customer relationship or transaction is suspicious.
Learn more about the compliance software for ensuring Customer Due Diligence in banking in this brochure.
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