What is KYC presentation?

2www.loanXpress.co m July 2016 What is KYC…??  KYC stands for ‘Know Your Customer’  It is a process by which banks obtain information about the identity and address of the customers and helps to ensure that banks’ services are not misused  Banks are also required to periodically update their customers’ KYC details …

What is AML in KYC process?

The objective of KYC/AML/CFT guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities.

What is the difference between KYC and AML?

Know Your Customer (KYC) is the process of obtaining information about a customer and verifying their identity. Anti-Money Laundering (AML) is a complex of measures carried out by financial institutions and other regulated entities to prevent financial crimes. KYC falls within AML measures.

What are AML and KYC documents?

KYC refers specifically to the steps institutions must take to verify their customers’ identities, while AML references a broader set of requirements designed to prevent financial crimes like money laundering and terrorism financing.

What is KYC Banking PDF?

Know Your Customer is the process of verifying the identity of customer. The objective of KYC guidelines is to prevent banks from being used, by criminal elements for money laundering activities.

What are KYC tools?

As a legal compliance regime, KYC is a strategic risk management tool used by financial institutions to monitor, evaluate, and assess customer risk. KYC is a legal compliance requirement, as indicated under anti-money laundering (AML) legislation.

What are the four pillars of KYC?

The Company has framed its KYC policy incorporating the following four key elements: (i) Customer Acceptance Policy; (ii) Customer Identification Procedures; (iii) Monitoring of Transactions/ On-going Due Diligence; and (iv) Risk Management.

What is AML and its stages?

The money laundering process includes 3 stages: Placement, Layering, and Integration. Placement puts the “dirty cash” into the legitimate financial system and at the same time, hiding its source. Layering or “structuring” hides the source of the money through a series of transactions and accounting tricks.

What are the 3 layers of AML?

Money laundering typically includes three stages: placement, layering and integration stage.