KYC (KNOW YOUR CUSTOMER): Understanding the Steps involved;
The process of KYC entails financial institutions to ascertain and authenticate the identity of their customers, comprising both individuals and corporate entities. It is vital for businesses to adhere to regulatory requirements; however, comprehending KYC can prove bewildering. To ease understand better, we will discuss every step involved in the complete KYC procedure;

First, it is imperative to gather critical client data such as official name, birthdate, residence/business location and identification document authorized by the government for validating their identity.

The subsequent step entails checking if the customer appears on watchlists or databases as a means to verify their lack of involvement in illegal activities. This process primarily aims at assessing potential risk factors.

You'll have to continuously oversee the customer's transactions and actions in order to identify any questionable conduct that could suggest financial offenses. Due diligence is non-negotiable.

To ensure regulatory compliance, it is essential that you meticulously document and maintain records of your KYC measures. Safeguarding your business is reliant on compliance efforts.

As a company do not skip any step from this process, protecting your company is crucial. Do you have any inquiries? Based on my experience with the customer onboarding and KYC verification the fintech institution, I may offer some recommendations.