About This Book

The Bank's KYC Policy outlines the procedures for opening accounts, verifying customer identities, and assessing customer risk. Documentary confirmation of identity is required, such as a government-issued form of ID with photo, name, nationality, address, and ID number. For entities, legal documents proving existence must be obtained. Additional verification may be required for certain customers, such as obtaining information about and verifying beneficial owners.

Top Highlights

• In order to form a reasonable belief that the bank knows the true identity customer the bank must take steps to verify the customer’s identity. The bank’s procedures must describe when it uses documentary confirmation, non-documentary confirmation or a combination of both.   When the bank uses documentary confirmation of the identity of the custome...
• The KYC Policy must include procedures for conducting additional verification of certain customers. For example, where the bank cannot verify information about the individuals who are the beneficial owners of the entity, the bank must obtain information about and verify the beneficial owners.