A KYC Framework for an Anti-Money Laundering system
Robust Know Your Customer (KYC) processes provide a foundation for an effective Anti-Money Laundering (AML) system. KYC diligence must begin when customers open new accounts and continue during their lifetime relationship with the financial institution.
In an article published in ACAMS Today, Infosys’ expert addresses the gaps between the customer information required to achieve satisfactory KYC and the information available within the bank.
Key takeaways:
- The central AML policy unit must involve all the business lines and teams for KYC compliance
- Catalogue missing information by account or customer to plug the gap between available data and data required as per regulatory guidelines
- Identify the 'drivers' for the information being sought by regulators
- Prioritize receipt of information based on the transaction history and risk profile of customers
- Respect customer privacy by verifying information from the public domain wherever possible
- Establish a KYC management system to gather and process customer information
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Published with the permission of ACAMS Today
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