KYC Made Simple! Retailers Alert
Know Your Customer or KYC Collection and verification on retail is a set of protocols for verifying the identity of a customer or organization before doing business with them. The KYC process typically involves collecting specific information from potential customers, verifying the authenticity of that information, and then using that information to assess potential business risks based on the customer information. KYC verification processes are required under global Anti-Money Laundering (AML) and Anti-Terrorist Financing (TF) protocols to combat illicit activities and financial crime. KYC Collection and verification on retail verification also plays an important role in data management, workflow automation, and risk management. KYC information collected from customers can be analyzed to assess potential risks and create risk profiles. The components of the KYC verification process are: Customer Acceptance Policy The first step required to perform KYC verification is to create a poli...