3 Steps for KYC Verification Process - Meeting KYC & AML Compliance Obligations

#KYC #KnowYourCustomer #AMLCompliance

What is KYC?
‘Know Your Customer’, KYC refers to regulatory requirements for banks and other financial institutions to verify their customers.

Why do you need to understand the importance of KYC?
Because it prevents criminal activities such as money laundering and terrorist financing from being involved with legitimate entities. Usually, KYC documents help with this process, and the KYC process steps explained in the video above help to achieve compliance.

Identity verification helps authenticate each on-boarding customer against the customer provided Personally Identifiable Information (PII) and supporting shreds of evidence. KYC reduces the risks of suspicious activities in the financial system. Also, to meet the guidelines of global and local regulatory authorities, the KYC process is mandatory.

What is AML?
‘Anti-money Laundering’, AML refers to legal controls and procedures to combat money laundering and terrorist financing from the financial system. Money launderers try to hide ill-gotten gains and launder it to different corners of the world to clean it. Regulatory authorities are stringent with respect to AML moves in the world.

AML scrutiny is performed by regulatory authorities to evaluate the measures taken by states to combat money laundering. AML screening is done against several sanction lists, criminal databases, watchlists and data sources collected from law enforcement agencies.

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[virtuethoughts]

Do not give them social security, kyc should only ask for ID and your simple info like name dob and address

[seshadriiyer]

I would like to know my KYC I.D.NO.enable me to submit the same to my Bankers.

[whatwouldgdonowgvkpierce]

Seem like a great way to get ripped off

[JoshyWashyy]

For step 2 do I send a photo of my passport or do I need a document? Wait I got it this was a really helpful video cause I need to buy some important stuff and it kept asking for Kyc and I have never came across it before so I had no clue what to do 😅

[jokesforyou]

I am beginner to kyc how I handle it plz more information

[anindyaputri]

How do I register the aml code, what website should I enter?

[foodieandtraveller]

Hello, could please let me know about the Quality assurance ( 6- eye checking) process in KYC remediation?? What is 6 - eye checking?.. Please help me out..

[onlinesolidearningsvideos]

How to verify metavers kyc please tell me

[bricktop]

When it comes to taking the selfie the camera will not detect my face

[alvins]

How will you know if the ID submitted is fake? Is it being checked manually?

[Andonchoto]

this is wrong. you showldnt need all that info

[StrongFreeLovin]

SCAM. DON'T GIVE THEM ANY SENSITIVE INFO.
Jesus, whoever invented this needs to be put in jail.

[vikkyvikram]

bro i am beginner can u please send me the material of kyc and aml

[AnnetteMontgomery-kt]

Anderson Michelle Lee Donald Brown Gary

[stefanpfadt]

Is that a joke?? Someone steals a credit card, enters those details and then uploads the card - is that a real check? To check if someone is too stupid to enter the details he has on the card?? you must be kidding🤣😂