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Know Your Customer (KYC) Checklist
Customer Identification
Collect full legal name
Obtain date of birth
Gather residential address
Secure government-issued identification number
Verify nationality and residency status
Risk Assessment
Determine customer's risk level
Analyze customer's transaction patterns
Review customer's occupation and source of funds
Evaluate geographic risk factors
Check for any adverse media or sanctions lists
Document Verification
Authenticate identification documents
Verify proof of address documents
Ensure documents are current and not expired
Cross-check information with third-party databases
Keep copies of documents for records
Ongoing Monitoring
Set up transaction monitoring systems
Conduct periodic reviews of customer profiles
Update customer information regularly
Monitor for significant changes in account activity
Report suspicious activities to regulatory authorities
Customer Due Diligence
Collect information on the purpose of the account
Understand the expected account activity
Identify beneficial owners if applicable
Assess the customer's financial history
Conduct enhanced due diligence for high-risk customers
