SABR COIN WHY YOUR SECURITY DEPENDS UPON KNOWING YOUR CUSTOMER
WORSE COMING IN 2018
The objectives of KYC guidelines is to prevent banks and other payment gateways from being used, intentionally or unintentionally, by criminal elements for money laundering activities.
Related procedures also enable banks to better understand their customers and their financial dealings. This helps them manage their risks prudently.
Banks usually frame their KYC policies incorporating the following four key elements:
Customer Acceptance Policy;
Customer Identification Procedures;
Monitoring of Transactions; and
For the purposes of a KYC policy, a Customer/user may be defined as: a person or entity that maintains an account and/or has a business relationship with the bank;SEE FULL ARTICLE ON https://en.wikipedia.org/wiki/Know_your_customer