Principles of Knowing Your Customer
?What are the general principles of KYC (Knowing your customer)?
?Who should be verified, and what is meant by low risk and high risk when it comes to customers and products?
Discuss at least three low risk and three high risk characteristics or types of each.
?When should it be done and how? Include the different data sources you would use.
?How and why do you check the source of funds?
?When should the red flags go up on identity, source of funds?
?What sort of records should be kept?
?Give examples of what to do if the following happens:
Your client lives in a foreign country. They don’t have an on-ground address. They are a PEP.
?Would you do anything differently if you worked for an insurance company?