Know Your Client

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Know Your Client

A form containing detailed information on the risk tolerance and investment goals of the client of a brokerage. The KYC form helps ensure that an investment adviser or broker does not make decisions that do not conform to the client's intentions. Filling out a KYC form does not mean that the investment adviser always makes correct decisions; it merely requires him/her to make decisions that will be generally accepted as sound for someone who seeks to do what is in the client's best interests. See also: Prudent-Person rule.
References in periodicals archive ?
KYC is one of the biggest pain points in the financial industry in Asia Pacific.
While the companies who partner with us are playing a proactive role in informing the end users to opt for full KYC; we too are requesting our customers through SMS and email to complete their KYC process", said Subin Kumar, Head - Marketing and Channels at Edenred India - a global leader in Employee Benefits space and brand owner for Ticket Restaurant Meal Cards.
We look forward to delivering meaningful results together in the KYC space," he added.
Dons advised affected corporate creditors to update their own KYC files on a continual basis.
Norbloc's compliance platform, which is scheduled for a beta launch in 2018, allows participating banks to transfer KYC information so that each company and bank can finally avoid doing the same KYC grunt work over and over.
Step one is to digitise the KYC process and reduce 20 per cent of cost.
Those services 'plug and play' with dynamic data entry forms to automate the collection and management of required KYC data to manage the underwriting, onboarding and ongoing use of ODFI payment services by both TPPPs and clients.
For wallet companies such as Paytm, in the process of becoming payments banks, KYC isn't a big deal as banks anyways require custome to be KYC complaint.
The move is intended to cut down time for SIM activation as KYC is verified instantly.
Relative to the reported unauthorized disclosure of voters' registration records of the Commission on Elections (Comelec), all BSP-supervised financial institutions are enjoined to strengthen their KYC practices and exercise extra vigilance against possible misuse of said information for financial transactions, BSP Deputy Gov.
This can at times lead to variation in the KYC information for the same client such as mobile number, email, address, etc.
Summary: More than 2,000 financial institutions joined SWIFT's KYC Registry in just the first year, with steady growth in Africa