What is KYC due diligence?

What is KYC due diligence?

KYC helps financial institutions better understand and serve their customers and their unique needs. Inherent within KYC is the notion of customer due diligence (CDD) which usually involves background checks to assess the risk they pose, before dealing with them.

What is CDD and EDD?

Enhanced Due Diligence (EDD) is a risk-sensitive form of Customer Due Diligence (CDD). Enhanced Due Diligence (EDD) is applied to the higher-risk customers and requires more detailed information about the customer in addition to the basic Customer Due Diligence (CDD) requirements.

What is the role of kykyc analyst?

Kyc analyst is responsible for ensuring and reviewing all the KYC requirements for the new clients in the company and this person produces a write up review of the clients in the system.

What is KYC and why is it important?

Importance and Benefits of KYC To be mandated by the law, the Know Your Client (KYC) process also helps the financial institutions in several ways: Helps lenders perform risk assessment by identifying the previous financial history and assets owned Limits fraud that result mainly due to hiding of identity

What is the Know Your client (KYC) process?

To be mandated by the law, the Know Your Client (KYC) process also helps the financial institutions in several ways: Helps lenders perform risk assessment by identifying the previous financial history and assets owned Brings stability and investment to the country, as it makes the financial framework more trustworthy and less risky

What are the education requirements for KYC analyst?

Educational Requirements of a KYC Analyst. To be able to be qualified as a KYC Analyst, he/she should graduate a bachelor degree. Courses that are related to the job of KYC Analyst. Or you must have a more than one year experience in other companies that are related to financing business.