A comprehensive KYC process typically involves the following elements:
Customer Identification Program (CIP): This involves collecting and verifying basic information like name, address, and date of birth using government-issued identification. Customer Due Diligence (CDD): This step involves a deeper investigation into the customerâs background, including financial status and business activities, to assess risk levels. Enhanced Due Diligence (EDD): For high-risk customers, additional scrutiny is applied to ensure comprehensive risk management.