Giobal Solution
Know your customer (KYC) is the bank regulation specifying the due diligence that financial institutions and other regulated companies must perform; it requires that they identify their clients and collect information relevant to doing business with them.
The US government has implemented KYC as part of the Bank Secrecy Act and the USA PATRIOT Act. KYC policies are used to prevent identity theft and money laundering, and they are an important tool for disrupting the funding of terrorism. KYC e
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Commercial Credit Reporting
- By Giobal Solution
- Published Saturday 6th 2010
- Finance
- Unrated
Commercial credit reporting is the compilation and reporting of the credit histories of commercial enterprises. Governments also use commercial credit to regulate businesses and collect taxes. Credit reports can now be compiled in seconds, without a business-owner’s knowledge.
Know Your Customer
- By Giobal Solution
- Published Friday 29th 2010
- Finance
- Unrated
Banks that perform KYC monitoring for anti-money laundering (AML) and Counter-Terrorism-Financing (CTF) purposes often use specialised transaction-monitoring software designed to analyse names and monitor trends.
One key purpose of KYC controls is to monitor a customer’s transactions and check them against the customer’s recorded profile and the history on the customer’s account(s).