know your customer (kyc)

What are the Key Elements of KYC?


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 customer’s 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.

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