Know Your Customer (KYC)
Due diligence process verifying customers’ identities to prevent illicit use of banking.
Detailed Description
Know Your Customer (KYC)
What does KYC stand for?
KYC stands for Know Your Customer.
Why is KYC important in the real estate sector?
KYC is important in real estate to prevent money laundering and protect businesses from fraudulent transactions.
What are the key steps in the KYC process?
The key steps in the KYC process include customer identification, customer due diligence (CDD), and ongoing monitoring.
What can happen if a business fails to comply with KYC regulations?
Failure to comply with KYC regulations can result in fines, penalties, reputational damage, and loss of customer trust.
What are some best practices for implementing KYC?
Best practices for KYC include establishing a robust policy, regular employee training, leveraging technology, and conducting audits.