Know Your Customer (KYC) is a cornerstone of financial compliance. A comprehensive understanding of KYC is crucial for businesses to stay compliant and mitigate risks.
Aspect | Definition |
---|---|
KYC Regulations | Regulations that require businesses to verify the identity of their customers |
Customer Due Diligence | The process of verifying a customer's identity and assessing their risk profile |
Pros | Cons |
---|---|
Enhanced compliance | Increased costs |
Reduced financial crime risk | Potential delays in onboarding |
Improved customer trust | Complexity of regulations |
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