What is the customer on-boarding process under KYC and AML requirements?
The customer onboarding process is essential between the company and the customer for safety. This is the first step to keeping your company safe to avoid any kind of risk. To avoid financial risks, regulated financial units or institutions must comply with the requirements of AML/CTF and KYC regulations and customer onboarding processes. What is the KYC On-boarding process? The full form of KYC is “know your customer”. This is highly important for companies and financial institutions to create a secure and transparent relationship with the client. The essential protocol involves a procedure of collecting, verifying, and analysing customer information so that it can be aligned with the legal standards to prevent fraud and scams. This meticulous process is important for maintaining compliance with AML regulations to prevent any kind of financial suspicious activities. The KYC screening software collects the various data of the customers including: Name, date of bi...