newsba2023

Understanding where money or assets originate from, known as “source of funds,” is crucial in banking. This is why it matters: Regulatory Compliance: Banks must adhere to strict regulations to prevent illegal activities like money laundering. Knowing the source of funds helps banks comply with these rules and maintain integrity.…

Remediation involves the process of cleaning up and updating the details of the customer in their database, to ensure compliance with the latest regulations. This includes:   Identifying incomplete or outdated information: Reviewing customer profiles to find missing, outdated, or inaccurate data. Contacting customers: Reaching out to customers to obtain…

Understanding KYC is essential in banking, involving necessary steps to confirm and verify customer identities during account setup. These steps, required by law, help banks reduce risks and maintain trustworthy business relationships. KYC’s main goal is to make sure that customers are who they say they are. This process is…

High-risk customers are individuals or companies that could possibly pose a threat to a financial institution and its operations. In the digital realm, these entities may trigger compliance issues, perpetrate fraud, or attempt to breach cybersecurity protocols. Risk appears in various forms across different industries. For instance, a high-risk customer…