{"id":25280,"date":"2013-05-16T14:29:39","date_gmt":"2013-05-16T08:59:39","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=25280"},"modified":"2024-04-12T14:18:04","modified_gmt":"2024-04-12T08:48:04","slug":"customer-profile","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/customer-profile\/","title":{"rendered":"Customer Profile |AML- KYC Compliance Tutorial"},"content":{"rendered":"<p><\/p>\n<p><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-2-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-91507 aligncenter\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-2-1.png\" alt=\"customer profile\" width=\"750\" height=\"400\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-2-1.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-2-1-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><!--more--><\/p>\n<h3><strong>Customer Profile<\/strong><\/h3>\n<div class=\"mod\" lang=\"en-IN\" data-md=\"61\">\n<div class=\"LGOjhe\" role=\"heading\" data-attrid=\"wa:\/description\" aria-level=\"3\" data-hveid=\"CBEQAA\"><span class=\"ILfuVd\"><span class=\"hgKElc\">Customer Profile<\/span><\/span><span class=\"ILfuVd\"><span class=\"hgKElc\"> is basically&nbsp; \u201ccustomer types,\u201d that are created to show the typical users of a product or service, and are used to help make customer-focused decisions without confusing the scope of the project with personal opinion.<\/span><\/span><\/div>\n<\/div>\n<div class=\"g\">\n<div data-hveid=\"CAUQAA\" data-ved=\"2ahUKEwiG-tm8tb7tAhX263MBHdnwDiAQFSgAMAd6BAgFEAA\">&nbsp;<\/div>\n<div class=\"rc\" data-hveid=\"CAUQAA\" data-ved=\"2ahUKEwiG-tm8tb7tAhX263MBHdnwDiAQFSgAMAd6BAgFEAA\"><strong style=\"color: #1a1a1a; font-size: 1.5rem; letter-spacing: 0em;\">Customer Verification<\/strong><\/div>\n<\/div>\n<p>The CIP must contain risk-based procedures for verifying the identity of the customer within a reasonable period of time after the account is opened. The verification procedures must use \u201cthe information obtained in accordance with&nbsp;[31 CFR 103.121] paragraph (b)(2)(i),\u201d namely the identifying information obtained by the bank. A bank need not establish the accuracy of every element of identifying information obtained, but it must verify enough information to form a reasonable belief that it knows the true identity of the customer. The bank\u2019s procedures must describe when it will use documents, non-documentary methods, or a combination of both.<\/p>\n<h3><strong>Who is a customer?<\/strong><\/h3>\n<p>The AML\/CTF Rules set different identification and verification requirements for different types of customers:<\/p>\n<ul>\n<li>individuals (including sole traders)<\/li>\n<li>companies (both domestic and registered foreign companies)<\/li>\n<li>trustees<\/li>\n<li>partnerships<\/li>\n<li>incorporated and unincorporated associations<\/li>\n<li>registered co-operatives<\/li>\n<li>government bodies.<\/li>\n<\/ul>\n<p>For the purpose of KYC policy, a \u2018Customer\u2019 is defined as<\/p>\n<ul>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">A person or entity that maintains an account and\/or has a business relationship with the bank<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">One on whose behalf the account is maintained<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers, Chartered Accountants, Solicitors etc. as permitted under the law and<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank say, a wire transfer or issue or a high-value demand draft as a single transaction<\/span><\/li>\n<\/ul>\n<h3><strong>Need for Customer Profile<\/strong><\/h3>\n<p>A reporting entity must verify a customer\u2019s identity before providing a \u2018designated service\u2019 to the customer. Designated services are listed in section 6 of the AML\/CTF Act.<\/p>\n<p>In special cases, an identification procedure may be carried out after providing a designated service. Currently, the <em>Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)<\/em>&nbsp;(AML\/CTF Rules) provide special circumstances for certain online gambling services.<\/p>\n<p><span style=\"line-height: 24px;\">&nbsp;<\/span><\/p>\n<div class=\"apply\">\n<h3>&nbsp;<\/h3>\n<p><a href=\"https:\/\/www.vskills.in\/practice\/aml-kyc\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-91326 size-full aligncenter\" title=\"AML KYC Vskills\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1.png\" alt=\"AML-KYC Compliance officer free practice test\" width=\"960\" height=\"150\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1.png 960w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1-300x47.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<\/div>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/aml-kyc\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <a href=\"https:\/\/www.vskills.in\/certification\/Certified-AML-KYC-Compliance-Officer\" target=\"_blank\" rel=\"noreferrer noopener\">Go to Home Page<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Customer Profile Customer Profile is basically&nbsp; \u201ccustomer types,\u201d that are created to show the typical users of a product or service, and are used to help make customer-focused decisions without confusing the scope of the project with personal opinion. &nbsp; Customer Verification The CIP must contain risk-based procedures for verifying the identity of the customer...","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3356],"tags":[6068,6069,6071,6065,6073,6072,6070,6066,71,6067,5082,3589,6074,6096,6095],"class_list":["post-25280","page","type-page","status-publish","hentry","category-aml-kyc-2","tag-aml-certification","tag-aml-kyc-certificate","tag-aml-kyc-certificate-online","tag-aml-kyc-certification","tag-aml-kyc-course","tag-aml-kyc-in-india","tag-anti-money-laundering-certificate","tag-anti-money-laundering-certification","tag-certification","tag-compliance-certification","tag-customer-profile","tag-online-certification","tag-vskills-certification","tag-when-does-a-customer-need-to-be-identified","tag-who-is-a-customer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AML- KYC Compliance Tutorial | Customer Profile<\/title>\n<meta name=\"description\" content=\"Learn and enhance your Customer Profile skills. 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