- Category: Web Application
- Operating System: Any
Data Gear eKYC
Know Your Customer (KYC) system assesses the risk a customer poses to the bank or financial institution. KYC is a continuous process of assessment and not a onetime assessment of a customer. Customers are assessed in different stages of their relationship with the bank or financial institution.
KYC is a fundamental practice to protect organizations from fraud and losses resulting from illegal funds and transactions. KYC refers to the steps taken by a financial institutions or businesses to:
- Establish customer identity
- Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
- Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities