Introduction to Customer KYC

This document is intended for the consumption of IT operations, administrators and business users in the bank.

When entering into a relationship, with a customer, for financial products and services, supervising and legal authorities, across the world, mandate that the financial institution has a proper knowledge of the customer’s address(s), the source of funds and other bona fide information, as provided by the potential customer, to prevent the financial institution being exposed to frauds, money-laundering and other economic offenses.

Different financial institutions across the world, mandate certain checks, which need to be carried out by a financial institution, before they on-board a customer. These checks and processes are known in the financial services industry as Know your Customer (KYC).