Certified Know Your Customer (KYCS) Procedures, Financial Indicators, Transaction Analysis, and KYCS Principle
Issued by the Global Compliance Institute(GCI)
It is a process of verifying the identity of clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations that govern these activities. The Know Your Customer process, to which financial and banking institutions and companies have begun to pay close attention, relates to the efforts made by these institutions to verify information relevant to their clients with whom they deal to combat bribery and other activities related to corruption and money laundering and to verify that the principles of probity and integrity prevail in all their operations and activities. The operations and activities of customers who deal with these banking and financial institutions. Banks, insurance companies, export creditors and other financial institutions increasingly require clients to provide detailed due diligence information.
The purpose of obtaining Know Your Customer (KYCS) certification is to prevent banks, intentionally or unintentionally, from using criminal elements for money laundering activities. Relevant measures enable banks to understand their customers
And their financial transactions are better. It helps them manage their risks in a controlled manner. Today not only banks but also various online companies can implement KYC. The stringent regulatory environment places KYC as a mandatory and crucial measure for financial institutions. It reduces the risk of fraud, by identifying suspicious items earlier in the customer-business relationship life cycle.
The process must be consistent, comprehensive and precise. The process must be documented and available for inspection by regulators. The process must be agile, scalable, and proportional to risks and resources.
They usually establish a framework for these policies that includes the following four main elements:
Customer acceptance policy
Customer identification procedures.
Transaction monitoring.
Risk Management.
IBTS is the sole authorized and exclusive licensed agent in Iraq for training, distributing the scientific curriculum, conducting registration, and international testing and delivering the Certified Know Your Customer (KYCS) certificate
