It is becoming increasingly important for financial services firms to know their customers and avoid doing business with restricted entities in order to meet legal and regulatory obligations. Appropriate Know Your Customer (KYC) procedure helps you to protect bank’s reputation and the integrity of the banking system by reducing the risk of the banking corporation becoming a vehicle for or a victim of financial crime and suffering consequential damage. An adequate KYC policy is therefore essential not only in the battle against money laundering but also in the maintenance of the stability and credibility of the banking system.
The system captures the customer information such as account details, country of domicile, nature of business, address details, and so on.
To access the KYC module
On the menu bar, click KYC.
The KYC Search screen appears.
The KYC module enables you to perform the following activities:
Depending upon the role, the administrator allows you to access above-mentioned options.