Thursday, June 21, 2007

KYC is it only for compliance or an oppertunity for organization to renew customer relationship strategy


Know Your Customer policies are becoming increasingly important globally to prevent identity theft fraud, money laundering and terrorist financing. It should not be treated as a merely an exercise to meet regulators mandated requirement, it is process which starts from customer on boarding, relationship management and to the end. current implementation may equate to a set of simple question and a form, however, this is just the beginning of a bigger push from the regulators who are expecting a lot more. I believe, financial institution should look at this as an opportunity to improve there existing customer on boarding, and relationship management cycle.

Wednesday, June 20, 2007