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You KNOW Your Customer: But What About All the Parties in Between You? Hosted by Amber Roads Global Trade on Thursday, October 26th, 2017Responses from the Q&A Portion of the Broadcast This information
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How to fill out you know your customer

01
Collect the necessary information: Start by gathering important information about your customers such as their name, address, contact details, and identification documents.
02
Verify the information: Once you have collected the information, verify its authenticity. This includes checking the validity of identification documents and cross-referencing the provided details.
03
Assess the risk: Evaluate the risk associated with each customer based on factors such as their background, business type, and the nature of their transactions.
04
Monitor customer activities: Keep a continuous watch on customer transactions and activities to detect any suspicious or unusual behavior.
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Update and maintain records: Regularly update customer records to keep them current and accurate. This includes documenting any changes in customer details or risk assessment results.
06
Train employees: Educate your employees about the importance of KYC procedures and how to effectively implement them. Provide them with the necessary tools and resources.
07
Stay compliant: Ensure that your KYC procedures adhere to applicable laws, regulations, and industry standards. Stay updated on any changes or updates in the regulatory landscape.
08
Review and improve: Periodically review your KYC processes to identify areas for improvement. Implement changes to enhance efficiency, accuracy, and effectiveness.

Who needs you know your customer?

01
Financial institutions: Banks, credit unions, insurance companies, and other financial entities need to perform KYC procedures to prevent fraud, money laundering, and terrorist financing.
02
Non-financial businesses: Certain non-financial businesses, such as casinos, real estate agents, and luxury goods sellers, may also need to implement KYC procedures to mitigate the risk of illegal activities.
03
Government agencies: Various government agencies require KYC information to verify the identity of individuals and ensure compliance with regulations.
04
Cryptocurrency exchanges: Due to the decentralized and anonymous nature of cryptocurrencies, KYC procedures are necessary for exchanges to prevent illegal activities and ensure the legitimacy of transactions.
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International businesses: Companies involved in international trade and transactions need KYC procedures to comply with cross-border regulations and mitigate the risk of fraudulent activities.
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Know Your Customer (KYC) is the process of verifying the identity of customers to ensure they are who they claim to be.
Financial institutions and other regulated entities are required to file KYC.
KYC forms are typically filled out by providing identifying information such as name, address, and identification documents.
The purpose of KYC is to prevent money laundering, terrorist financing, and other illegal activities.
KYC requires reporting information such as name, address, identification documents, and source of funds.
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