Know Your Customer (KYC)

KYC is an acronym for Know Your Customer and is required for client identification process of new and existing customers. The objective of this procedure is to ensure that no company is misused, intentionally or unintentionally for any criminal practices such as theft, identity fraud, money laundering, terrorist financing etc.

This will protect insurance companies from white collar crimes.

Key Benefits:

  • Cross-checking customer information from time to time

  • Obliges banks and insurance companies to identify applicants before they can be accepted as customers

  • Helps in overcoming any kind of misuse of the financial institution by a criminal

  • Issues an initial risk classification of each new customer

  • Achieving a comprehensive view on the customer related risk

 

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