From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More

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Customer identification

Customer identification

From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More

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Customer identification

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- [Instructor] Customer identification is the process by which financial institutions verify the identity of their customers. It's the first step in establishing a secure and compliant relationship, helping to prevent fraud and financial crimes. The customer identification process typically involves three steps, collecting identification documents, verification, and record keeping. The first step, collecting identification documents, involves customers providing official documents to prove their identity and address. The second step, verification, occurs when banks validate the authenticity of those documents and ensure that they match the customer. And then the third step, record keeping, is simply the process of making sure that verified information is securely stored as part of the customer's profile for future reference by the bank and by regulators. Let's start with identification documents. Commonly accepted forms of ID include government issued ID cards or passports, driver's…

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