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Govt. Certified AML/KYC Compliance Officer

KYC – Operating Guidelines

A description of a customer or set of customers that includes demographic, geographic, and psychographic characteristics, as well as buying patterns, creditworthiness, and purchase history.

In simple words, customers are segregated on the basis of characteristics mentioned above. Different institutions may have different set of factors and characteristics that come into play for the process of customer profiling. Such segmentation further helps in better customer service, cross selling and database management.

Customer Identification

Customer identification means “identifying the customer and verifying his/her identity by using reliable, independent source documents, data or information”.

Establishing Identity

Customer identification process does not start and end at the point of application. It continues till the account is finally opened. However, the process of confirming and updating identity any address, and the extent of additional KYC information collected, will differ from bank to bank.

What is Identity?

Identity generally means a set of attributes which together uniquely identify a natural or legal person. The attributes, which help establishing the unique identity of a natural or legal person, are called ‘identifiers’.

  • Name (in full),
  • Father’ Name,
  • Date of birth,
  • Passport number,
  • Election Card number (EPIC number),
  • PAN number,
  • Driving License number, etc.

The above mentioned are unique identifiers available which help establishing the identity of a natural or legal person. These are termed as ‘primary identifiers’ as they help in uniquely establishing the identity of a natural or legal person. Addresses/ location and nationality and other such identifiers may serve as secondary identifiers’ as they help further refine the identity.