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> KYC master direction
KYC master direction
1. Customer Identification
Verify the identity of the customer using reliable and independent sources.
Collect and record the customer's full name, address, date of birth, and nationality.
Obtain government-issued identification (e.g., passport, driver's license) to confirm identity.
2. Customer Due Diligence (CDD)
Assess the risk level associated with the customer.
Conduct enhanced due diligence (EDD) for high-risk customers.
Gather information regarding the customer's occupation, source of funds, and business activities.
3. Ongoing Monitoring
Establish a process for continuous monitoring of customer transactions.
Regularly review and update customer information and risk profiles.
Report any suspicious activities to the appropriate authorities.
4. Record Keeping
Maintain comprehensive records of all customer identification documents and transaction history.
Ensure records are easily retrievable and securely stored.
Retain records for the period specified by regulatory requirements.
5. Compliance and Reporting
Implement policies and procedures to ensure compliance with KYC regulations.
Train staff on KYC requirements and procedures.
Report any non-compliance or breaches to the relevant regulatory authorities.
6. Review and Audit
Conduct regular audits of KYC processes and procedures.
Review and update KYC policies to ensure alignment with current regulations and best practices.
Document audit findings and implement corrective actions as necessary.
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