We have a new white paper out that summarizes what we see as the best practices in Know-Your-Customer workflow for commercial and investment banks. Based on meetings with several dozen financial institutions over the past 2 years, we outline what we’ve concluded to be the best practices for Customer Identification (CIP), Customer Due Diligence and Ongoing Monitoring. We found a wide range of practices and techniques in use and elaborate on the systems and methods that we believe are most effective and will stand up best to regulatory scrutiny.
Download a copy of "Best Practices in KYC for Financial Institutions"
And be sure to check out Alacra's "Periodic Table of Bank Regulations and Compliance" a free, extensive and interactive tool where you will find information on many of the most commonly used acronyms in banking regulation.