General principles of knowing your customer


Question 1: What are the general principles of KYC (Knowing your customer)?

Question 2: Who should be verified, and what is meant by low risk and high risk when it comes to customers and products?

Question 3: Discuss at least three low risk and three high risk characteristics or types of each.

Question 4: When should it be done and how? Include the different data sources you would use.

Question 5: How and why do you check the source of funds?

Question 6: When should the red flags go up on identity, source of funds?

Question 7: What sort of records should be kept?

Question 8: Give examples of what to do if the following happens:

Your client lives in a foreign country. They don't have an on-ground address. They are a PEP.

Question 9: Would you do anything differently if you worked for an insurance company?

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Finance Basics: General principles of knowing your customer
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