When financial institutions do business with their customers, they should be careful to identify and verify customers ' identities, to ensure that the financial products or services they provide are not used for money laundering, and to confirm the purpose of transactions and the actual owners of the products or services.
a process to compare the customer information to the concerned list to verify if the customer is on any lists before financial transaction. If the customer turns out to be listed, the transaction is declined , or accepted only after the approval of manager.
KYC (Real Time)
The overall risk score is calculated by defining the risk assessment factor with the weight value for each element of the each factor. The risk assessment model is applied when a new product or service is introduced and it requires review and updates.
Define customer, country, product/service, and channel and determine detailed items.Risk Assessment Factor
Determine the risk grade according to the degree of risk of the risk factorRisk Assessment to Each Area
Score the risk grade, finalize the model, and produce the overall risk scoreDesign the Risk Assessment Model
Use it when a new product or service is introduced. Regular update is required.Risk Assessment and Maintenance