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Based on the 40 Recommendations by the FATF, the following procedures are mandatory for every financial institution: Know Your Customer processes Risk-based approach AML screening Due diligence during customer onboarding KYC Regulations in the US In the U.S., the FinCEN (Financial Crime Enforcement Network) is responsible for setting KYC and AML standards. The organization is responsible for setting global standards for KYC and AML procedures which are introduced under AML and CTF guidelines. That being said, let’s take a look at some KYC regulations that are being followed across the globe: Global Regulator: The FATF The Financial Action Task Force is an intergovernmental regulatory authority that comprises 39 member jurisdictions. Industries such as e-gaming, gambling/online casinos, healthcare, education, and finance have devoted business departments to ensure compliance.

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This is because every jurisdiction has its own kind of government-issued cards which are analyzed during the verification process. Worldwide Know Your Customer Regulations Every state has its own set of rules and regulations regarding KYC and AML procedures. With AML/KYC compliance, firms can effortlessly mitigate the risk of fraud. It should also be noted that KYC processes fall under AML (Anti-money Laundering) procedures. Once the customer has been verified this way, the firm is able to analyze the amount of risk associated with each person. The selfie is used to verify the image present on the document provided. To stay compliant with Know Your Customer regulations, banks perform identity verification during the initial stage of customer onboarding, this requires customers to submit an ID document along with a corroborating selfie. What is KYC Compliance? KYC compliance requires financial institutions to follow Know Your Customer regulations that are devised by global regulatory authorities. A firm’s KYC process is implemented based on national and global Know Your Customer regulations to avoid non-compliance fines. This procedure is considered a key part of the CDD (Customer Due Diligence) process which is crucial for fraud prevention. What is KYC? KYC procedures involve the identity verification methods of customers to perform an in-depth risk assessment.

By the end of this blog, you will gain a clear understanding of the KYC process and what the global regulations regarding it look like. With Know Your Customer regulations being enforced on companies, it proved to be a disincentive for criminals and fraudsters. Its introduction had become mandatory following a wide increase of legal and financial crimes.

In the United States, Know Your Customer regulations were introduced in 2001 in the Patriot Act.

However, after the attack of 9-11, the situation drastically changed. Global Know Your Customer (KYC) Regulations In 2021īefore the emergence of specific Know Your Customer (KYC) regulations, KYC practices were mainly targeted at companies that were at high risk of money laundering.

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