Brief Overview – KYC/AML On-boarding and Remediation Process

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Brief Overview – KYC/AML On-boarding and Remediation Process

Know Your Customer (alternatively know your client or ‘KYC’) is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities. A KYC (Know Your Customer) Analyst primarily reviews documentation for new customer accounts, evaluates high-risk accounts and analyses new customer processes and policies. KYC Analysts are primarily involved in or knowledgeable about anti-money laundering (AML) processes and procedures.

On-boarding deals with the identification and verification of new clients whilst Remediation deals with the identification and verification of existing clients.

(“Anti-Money Laundering Rules”). The purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.

In Financial Regulation, “Politically Exposed Person” (PEP) is a term describing someone who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold.

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