Consolidated KYC Management

The adoption of effective know-your-customer (KYC) standards is an essential part of banks’ risk management practices. Banks with inadequate KYC risk management programmes may be subject to significant risks, especially legal and reputational risk. Sound KYC policies and procedures not only contribute to a bank’s overall safety and soundness, they also protect the integrity of the banking system by reducing the likelihood of banks becoming vehicles for money laundering, terrorist financing and other unlawful activities. Recent initiatives to reinforce actions against terrorism in particular have underlined the importance of banks’ ability to monitor their customers wherever they conduct business.
(Texto en inglés)