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
Reconciliation talks excite Batswana

Many have made it very clear that there is nothing more they would prefer than seeing the two ending their feud and working together for the good of the country.While some Batswana dismissed reconciliatory efforts as a political ploy, many Batswana welcomed the move with open arms because it is obvious that the feud between the president and former president has not been looking good for the country.The misunderstanding that seems to have started...

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