Know Your Customer (KYC) process

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Know Your Customer (KYC) process

  • Financial Institutions usually perform KYC processes before opening customer accounts. KYC stands for Know Your Customer. It is a mandatory procedure that helps banks, insurance companies and other financial institutions verify prospective customers’ identities and addresses before conducting transactions. It includes verification of the customer’s identity, address, residential status, financial status and other personal details. The KYC process helps financial entities verify that investments and transactions are being made in a real person’s name. This is to prevent unlawful practices like money laundering, fraud or financing illegal activities.
  • Customers are required to provide documents such as Passport, Identity card or a Driving license for Proof of Identity (POI) and bank statements (not more than 3 months old) or utility bills like electricity, gas and water (not more than 3 months old) for Proof of Address (POA) in which they are residing currently.
  • As KYC is becoming a topmost concern for the financial industry, maintaining customer files on an on-going basis is also becoming a priority. Therefore, regular KYC remediation is needed to keep customer KYC files updated to meet regulatory compliance.
  • Getting KYC done is an essential step in your investment journey. The sooner it is done, the earlier you can start making investments

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