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KYC stands for "Know Your Customer / Client", which are (as a matter of fact) a very important and critical procedures in our day to day business' life to assess, monitor and mitigate risks, in addition to comply with the legal and Anti- Money Laundry (AML) requirements / regulations.
Know Your Customer , to know your customer position on daily basis if required
KYC (Know your customer) main objective is to prevent banks from criminal elements for money laundering activities and which helps the bank to better understand their cutomer and for which purpose the money is used for. Circulation of cash form one account to another bank account is the core objective.
Know your customer (alternatively know your client or 'KYC') is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.
The process of knowing your customer (KYC), is what businesses do in order to verify the identity of their clients either before or during the time that they start doing business with them.
KYC - Know your customer implies that -
1. The customer is known entity for the bank in terms of all legal documentation provided during establishing the relationship with the bank.
2. The customer is not indulged in any fraudulent business and if involved then can be tracked through KYC.
3.It compliances the customer for the transactions whichever he/she is going to place.
KYC refer to Know your Customer that bank should aware about customer's Business because aftre becoming a customer he will use banking channel for his finanancial transaction.Through KYC bank can mitigate their risk that customer is not involving in any illegale activity by using bank channel.Through KYC Bank can know the customer's financial dealing and in case of suspicius transaction bank can revoke the transaction for further investigation.
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