KPMG Global Services KYC Analyst Interview Questions, Process, and Tips

KYC stands for Know Your Customer. It is a process of verifying the identity of customers to prevent fraud and money laundering.

• KYC is a regulatory requirement for financial institutions and other businesses dealing with customers.

• It involves collecting and verifying customer information such as name, address, and identification documents.

• KYC helps to ensure that businesses are not unknowingly facilitating criminal act...read more

AML stands for Anti-Money Laundering. It is a set of laws, regulations, and procedures designed to prevent the generation of income through illegal activities.

• AML is a regulatory framework that aims to prevent money laundering and terrorist financing.

• It requires financial institutions to verify the identity of their customers and monitor their transactions.

• AML laws apply to a wide range of industries, including banking...read more

A Politically Exposed Person (PEP) is an individual who holds a prominent public position or has held one in the past.

• PEPs are considered higher risk due to their potential involvement in corruption, money laundering, or other illicit activities.

• They can include government officials, politicians, military officers, and their immediate family members or close associates.

• Financial institutions and organizations conductin...read more

Corporate KYC refers to the process of verifying the identity of a company and its beneficial owners.

• It involves collecting and verifying information about the company's legal structure, ownership, and management.

• It is important for financial institutions to conduct corporate KYC to comply with regulations and mitigate risks.

• Examples of documents required for corporate KYC include company registration certificates, sha

Various forms of identification are required to open a bank account.

• Primary identification such as passport, driver's license, or national ID card

• Secondary identification such as utility bills or bank statements

• Proof of address such as a lease agreement or property tax bill

• Tax identification number (TIN) or social security number (SSN)

• In some cases, a reference letter from an existing account holder

Sanctions are penalties imposed by a government or international organization on a country, organization, or individual.

• Sanctions are used as a tool to influence behavior or to punish for violating international laws or norms.

• They can include trade restrictions, financial penalties, travel bans, and asset freezes.

• Examples of sanctions include the United States' sanctions on Iran for its nuclear program and the United N...read more

FATCA stands for Foreign Account Tax Compliance Act. KYC refers to Know Your Customer. KYC is necessary to verify the identity of customers and prevent financial crimes. Sanctioned countries are those subject to international trade and economic restrictions.

• FATCA - Foreign Account Tax Compliance Act

• KYC - Know Your Customer

• KYC is essential to verify customer identity and prevent financial crimes

• Sanctioned countries are ...read more

FCA stands for Financial Conduct Authority, a regulatory body in the UK that oversees financial markets and firms.

• FCA is responsible for regulating and supervising financial institutions in the UK

• It aims to ensure that financial markets are fair, transparent and operate with integrity

• FCA also works to protect consumers and enhance competition in the financial industry

• Examples of firms regulated by FCA include banks, in