In the world of banking, numerous acronyms and terms are used to refer to different aspects of the industry. One such term is CIF, which stands for Customer Information File. While it may sound like just another technical jargon, understanding what CIF means and its significance in banking is...
In India, Electronic Know Your Customer or Electronic Know Your Client, oreKYC,is a process wherein the customer's identity and address are verified electronically through Aadhaar authentication. Aadhaar is India's national biometric eID scheme. Why is eKYC so popular in India? It's because 99.9...
The Financial Intelligence Unit (FIU) plays a crucial role in the banking sector, and its importance cannot be overstated. Here are some key reasons why the FIU is vital in ensuring the integrity of the financial system: Preventing Money Laundering:Money laundering poses a significant threat to ...
A second component of KYC compliance is the establishment of a Customer Identification Program (CIP) as a part of the onboarding process to “form a reasonable belief that (the business) knows the true identity of each customer.” In other words, a financial institution must verify the identit...
Please note that Bank PO is a post name in banking sector while SSC is an organization which conducts exams and select candidates for working in different governmental departments. Now, you are going to be a graduate by next year and looking for a career in these two. Well, let me tell ...
What is Ex Works cost? Is Ex-works and Ex-factory same under delivery terms in an international trade? How does Ex Works terms of delivery work?Ex works price and Ex-factory price are on of the same term. Ex factory or Ex works term is one of the delivery terms used in exports and...
The Customer Identification Program (CIP) forms the first line of defence in the KYC process. It requires financial institutions to collect, record, and verify basic identification information from customers before establishing a financial relationship. This ensures compliance with the Money Laundering Reg...
Electronic Know Your Customer (eKYC) is a cornerstone in our digital age, where secure and efficient identity verification is not just a compliance requirement but a facilitator of seamless interactions across various sectors. Its influence spans across banking to healthcare, marking a new era of ...
It is of paramount importance to underscore that the jaguar, boasting the largest in situ population within Brazilian territory, receives varying conservation statuses across different biomes in this country. It is classified as "Critically Endangered" (CR) in the Atlantic Forest and Caatinga, "...
Three components of KYC include the customer identification program (CIP), imposed under the USA PATRIOT Act in 2001, customer due diligence (CDD), and ongoing monitoring or enhanced due diligence (EDD) of a customer's account once it is established.12 Key Takeaways Know Your Client (KYC) i...