Importance of a KYC process for every company

August 5, 2015

Laws and regulations across various jurisdictions have required banks, insurance companies and other financial institutions to develop strong know-your-customer (KYC) processes. These laws are in place because financial institutions face several risks, including money laundering and terrorist financing.

While there are regulatory requirements for banks and insurance companies to ‘know’ their customers, there is generally no legal obligation for non-financial organisations to conduct integrity screening or due diligence on customers.

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