Know Your Customer (KYC)-What is it and why is it important?

Know Your Customer (KYC) is a system of validation used by financial and non-financial institutions to verify personal details of an account holder.

These institutions include banks, medical aid companies, insurance companies, asset management firms and broker dealers as well as credit unions. It is a significant tool in the fight against rampant financial crimes such as money laundering or fraud.

KYC is the fundamental principle behind anti-money laundering and the abolition of terrorist financing. Financial institutions and professionals working within the financial sector ought to know all their customers and their customer’s businesses. KYC helps curb risks associated with financial crimes and also aids in the comprehension of customer behaviours.

Editor's Comment
Bravo, Matlala JSS for recognising employees!

Last Friday, Matlala Junior Secondary School (JSS) in Tlokweng did just that – they organised an event to honour their teachers and support staff. This gesture is truly commendable, as teachers occupy a pivotal role in the lives of our children.To be completely candid, teachers are the ones who shape our children from a very tender age, investing a significant amount of time in their growth and development. It's not uncommon to hear parents...

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