AML KYC Tutorial|Customer Identification Procedures

Customer Identification Procedures details


Customer Identification Procedures

Banks are required to clearly spell out the Customer Identification Procedures to be carried out at different stages i.e. while establishing a banking relationship; carrying out a financial transaction or when the bank has a doubt about the authenticity/veracity of the adequacy of the previously obtained customer identification data.

Financial institutions need to conduct a risk assessment of their customer base and product offerings, and in determining the risks, consider:

  • The types of accounts offered
  • The methods of opening accounts.
  • The types of identifying information available
  • The institution’s size, location, and customer base

Example of Software used for CIP:



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