KPMG Global Services 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