KYC Form

DEFINITION A standard form in the investment industry that ensures investment advisors know detailed information about their clients' risk tolerance, investment knowledge and financial position. KYC forms protect both clients and investment advisors. Clients are protected by having their investment advisor know what investments best suit their personal situations. Investment advisors are protected by knowing what they can and cannot include in their client's portfolio.
DESCRIPTION
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The activities of customer due diligence that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them. And the bank regulation which governs those activities.

KYC controls typically include below details:

  • Collection and analysis of basic identity information (CIP)
  • Name matching against lists of known parties (such as politically exposed person)
  • Determination of the customer's risk in terms of propensity to commit money laundering or identity theft
  • Creation of an expectation of a customer's transactional behavior
  • Monitoring of a customer's transactions against their expected behavior and recorded profile as well as that of the customer's peers.

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