Customer Due Diligence (CDD) and Know Your Customer (KYC) are two critical components of modern banking and financial services, both essential for mitigating risks associated with money laundering, terrorism financing, and other financial crimes.
While they are closely related, they serve different purposes and have distinct applications. Know Your Customer (KYC) refers to the process of identifying and verifying the identity of a customer when they open an account or engage in financial transactions. This involves collecting personal information […]
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