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 ?
'The biggest change in the past two years has been new EU rules around KYC related compliance.
By streamlining merchant processes and simplifying the user experience, we are really taking the pain out of the digital KYC process.
NASSCOM said the extension is required so that the industry will have enough time to install digital KYC processes.
The Program also outlines the creation of a Consortium Agreement to govern the mutualization of KYC efforts among future participating banks, government bodies, financial institutions as well as other licensing authorities to subscribe to the platform.
By Q1 of 2020, companies will be able to digitally create a single KYC record, which will be authenticated with an electronic ID, to simultaneously share data with their various financial institutions.
Listed companies have published several announcements requesting for shareholders carrying physical certificates to visit Bahrain Clear in order to transfer their physical certificates to the Electronic Registry and update their KYC, which will allow them to have access to the e-services available including swift receipt of future dividends through direct bank transfers.
This feature will speed up the KYC process and save time," said an official of FundzBazar.
This will prompt Fenergo's rules engine to determine the required KYC and AML data and documentation for customer due diligence (CDD) as subscribed by Central Bank of Bahrain.
According to the official website for Virtual Auditor, Directors can create an account on their website and after that they have to select "DIR 3 KYC" option where they can upload required documents.
Kirat Yakthumg Chumlung (KYC), Kirat Rai Yayokkha (KRY) and Sunuwar Service Society (SSS) recently organised an event to mark Udhauli festivities at Gulf Horizon Hotel.
To protect themselves, regulated firms operating in the country, both local and international, must enhance the quality of their Know Your Customer (KYC) efforts.
The Know Your Customer (KYC) initiative is important in protecting businesses from being abused and used to launder money and finance terrorism.