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Topic Review (Newest First)
December 23rd, 2017 05:02 PM

KYC (Know Your Customer) is a widely known concepts in the banking sector.

They require banks to know their customers and obtain, verify and record KYC-information including information that identifies each individual or institution that
opens an account or changes an existing account.

The need to know who your customers are and what matters to them is related to the need to control the risks involved in providing services to customers.

These include traditional risks such as credit risks and the risks of money laundering and fraud, but also the financing of terrorist activities, corruption, capital flight and reputation, among others.

After all, banks’ integrity and reputation are determined in part by the integrity and reputation of their customers.

Gaining insight into customers’ backgrounds, their business and other activities, why they use specific products and where their money comes from; these are all essential questions that must be answered to enable the proper assessment of the risks involved in a customer relationship.

December 23rd, 2017 04:30 PM

I want to know the statement of Know Your Customer KYC in ABN AMRO Bank so can you tell me?

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