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> KYC for banking clients onboarding
KYC for banking clients onboarding
Client Identification Information
Collect the client's full name
Obtain the client's date of birth
Gather the client's residential address
Verify the client's nationality or citizenship
Documentation Requirements
Request government-issued identification (e.g., passport, driver's license)
Obtain proof of address (e.g., utility bill, bank statement)
Collect any additional documents required for specific account types (e.g., business registration for corporate clients)
Risk Assessment
Conduct a risk assessment based on the client's profile
Evaluate the client's source of funds and wealth
Identify any politically exposed persons (PEPs)
Screening and Verification
Perform sanctions screening against relevant lists
Check for adverse media related to the client
Verify the authenticity of submitted documents
Ongoing Monitoring and Review
Establish a schedule for periodic reviews of the client's information
Monitor transactions for suspicious activity
Update KYC information as necessary based on changes in client circumstances
Compliance and Record Keeping
Ensure all KYC information is documented and stored securely
Maintain records in accordance with regulatory requirements
Prepare for potential audits by ensuring all documentation is readily accessible
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