Know Your Customer and Customer Identification Program

Kevin Sullivan

Chapter Chapter 6 in Anti-Money Laundering in a Nutshell, 2023, pp 127-165 from Springer

Abstract: Abstract Preventing criminals from opening up accounts at a financial institution starts with understanding who you are dealing with. We would not want Al Capone to open up a bank account. Therefore, being able to identify the customers is where the money laundering fight begins. Terms such as “Know Your Customer (KYC)” and “Customer Identification Program (CIP)” are simply phrases used that mean a financial institution should obtain some basic pedigree information on their customers. Items such as name, DOB, address, phone, and SSN. In other words, there should be no anonymity within the ranks of the customers. This chapter details what is required, how to obtain that information, and how that intelligence comes in handy when a money laundering investigation has begun.

Date: 2023
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:979-8-8688-0066-5_6

Ordering information: This item can be ordered from
http://www.springer.com/9798868800665

DOI: 10.1007/979-8-8688-0066-5_6

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().