IJSRP, Volume 3, Issue 7, July 2013 Edition [ISSN 2250-3153]
Prof. Venkatesh U. Rajput
now Your Customer (KYC) is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them. In the USA, KYC is typically a policy implemented to conform to a customer identification program mandated under the Bank Secrecy Act and USA PATRIOT Act. Know your customer policies are becoming increasingly important globally to prevent identity theft fraud, money laundering and terrorist financing. Beyond name matching, a key aspect of KYC controls is to monitor transactions of a customer against their recorded profile, history on the customer’s account(s) and with peers.