What is KYC in Banking?

Question

Accepted Answer

KYC in banking stands for Know Your Customer. It is a process that banks and financial institutions use to verify the identity and assess the risk of their customers.

KYC is a regulatory requirement in the banking industry to prevent money laundering, fraud, and terrorist financing.
It involves collecting and verifying customer information such as name, address, date of birth, and identification documents.
Banks use various methods to verify customer identity, including physical verification, document verification, and electronic identity verification.
KYC helps banks understand their customers better, assess their financial behavior, and manage risks associated with them.
It also enables banks to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
Examples of KYC documents include passport, driver's license, utility bills, and bank statements.
Once the KYC process is completed, customers can access various banking services and products.
KYC information is kept confidential and is only shared with regulatory authorities when required.

What is KYC in Banking?

Top FinCrif Senior Sales Officer interview questions & answers

Popular interview questions of Senior Sales Officer

Top HR questions asked in FinCrif Senior Sales Officer