How Does the Re-KYC Process Work?

UK
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1

Could you provide guidance on the process of conducting re-KYC for both individual and corporate customers, with particular emphasis on high-risk entities?

Specifically, we would appreciate insights into the key aspects to review, the criticalp steps to undertake, and any documentation or due diligence measures required to ensure compliance with regulatory standards.

Additionally, if there are any reference materials, regulatory guidelines, or authoritative sources you recommend, please direct us to those as well.

2

The Re-KYC process involves several critical steps to ensure compliance and maintain updated customer records:

  • Establishing procedures tailored to High, Medium, and Low-Risk clients.
  • Implementing KYC software to manage Re-KYC triggers effectively.
  • Sending timely notifications to customers for Re-KYC updates.
  • Collecting and verifying the required documents.
  • Addressing non-compliance through escalation protocols.
  • Conducting thorough customer risk assessments.
  • Ensuring proper recordkeeping for audit and compliance purposes.
  • Maintaining continuous monitoring for ongoing compliance.

We’re hosting an exclusive webinar on the Re-KYC process:
:spiral_calendar: Date: 23rd January 2025
:alarm_clock: Time: 11:00 AM GST
:point_right: Register now: :

Gain deeper insights into the Re-KYC process and its significance in AML compliance.

Additionally, explore our detailed publication:
:open_book: A Complete Guide on Re-KYC Process in AML Compliance