Thorough know your customer (KYC) procedures during customer acceptance are crucial in the fight against financial and white-collar crime. KYC procedures are the first hurdle for criminals to overcome and exploit financial institution services for criminal intents. In order to fight money laundering, terrorism financing and other criminal acts, international regulations such as the USA Patriot Act, Bank Secrecy Act or the EU Fourth Money Laundering Directive require banks, insurance companies and other obliged entities to implement KYC programs and conduct enhanced due diligence on high-risk clients. Identifying politically exposed persons (PEPs) and beneficial owners, or querying customer information (e.g., reasons for the opening of an account or the concluding of an insurance policy) are only some of the duties stipulated by these guidelines.
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