KYC: 3 steps to effective Know Your Customer compliance
                     KYC: 3 steps to effective 
Know Your Customer 
compliance
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KYC- Know Your Customer is basically having 
complete knowledge about customers. 
• I don't think KYC is a needful of any description. The importance it has achieved in 
the last few years is tremendous. It is a process of assessing the customer with all 
the legal requirements to comply with AML Laws, therefore, increasing the 
transparency in the process and letting the customers enjoy the seamless process at 
the same time. 
• KYC Compliance is most important for the financial institutions to ensure the 
identity of customers by customer identification and verification meeting KYC 
compliance. It has an imperative role in the financial landscape these days to 
combat money laundering and terrorist financing. Digital KYC verification is a good 
process for improving and meeting compliance effectively but making it compliant is 
also important. 
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Know the three steps of KYC Compliance: 
1. Gathering the whole info:
It is the initial phase of the KYC system where the complete information about the 
customer is collected like Name, Date of Birth, Address, and Identification proof thus 
identified with the identity verification process. 
2. Document uploading is the next step: 
In this step, the financial institution cross-checks an individual's information and the 
authenticity of the documents of the customers. This due diligence involves several 
steps of KYC Compliance, these are: 
Upgraded due diligence
Fundamental customer due diligence
Disentangled due diligence
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3. Verification of given information:
After the process of uploading, the next 
step is information verification which is 
done to bring confidence in the 
information completely. This process 
ensures that no record is missed and 
each piece of information is genuine. 
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• Technology is connecting consumers and businesses flawlessly, easing the process of 
humans and bringing transparency to the process. It has eliminated all the barriers 
of language and distance and made everything possible online. But this has 
significantly increased the risk of frauding the identity and enhancing the risk of 
financial crimes. This is the reason why institutions are adopting KYC to meet the 
client's requirements and maintain authenticity as well. Ensuring an effective KYC 
procedure is important to account for the genuine people and the fraudsters. Its 
compliance is important for the institutions to get things clear and simply done. 
Technology innovation is providing better approaches to bringing conventional 
information in front. 
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